FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the ~~month January~~Month of May, 2003

Commission File Number 0-20588

Newmont Yandal Operations Limited

(f/k/a Normandy Yandal Operations Limited)

(Translation of ~~Registrant~~registrant's name into English)

100 Hutt Street, Adelaide 5000, South Australia, Australia

(Address of principal executive offices)

Indicate by check mark whether the ~~Registrant~~registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F þ X Form 40-F o

~~This~~Indicate ~~Form~~by ~~6-K~~check ~~consists~~mark ofif athe ~~copy~~registrant ofis asubmitting ~~Report on Activities for~~ the ~~Quarter~~Form to6-K ~~December~~in ~~31,~~paper ~~2002~~as permitted ~~from~~by ~~Newmont~~Regulation ~~Yandal~~S-T ~~Operations~~Rule ~~Limited~~ 101(~~f/k/a~~b)(1): ~~Normandy Yandal Operations Ltd., an Australian Corporation.~~____

~~UNLESS~~Indicate ~~OTHERWISE~~by ~~INDICATED~~check ~~ALL~~mark ~~FIGURES~~if ~~SET~~the ~~FORTH~~registrant INis ~~THIS~~submitting ~~REPORT~~the ~~ARE~~Form IN6-K ~~AUSTRALIAN~~in ~~DOLLARS.~~paper as permitted by Regulation S-T Rule 101(b)(7): ____

~~Pursuant~~Indicate toby ~~the~~check ~~requirements~~mark ofwhether ~~the~~by ~~Securities~~furnishing ~~and~~the ~~Exchange~~information ~~Act~~contained ofin ~~1934,~~this Form, the ~~Registrant~~registrant ~~has~~is ~~duly~~also ~~caused~~thereby ~~this~~furnishing ~~report~~the information to bethe ~~signed~~Commission onpursuant ~~its~~to Rule ~~behalf~~12g3-2(b) byunder the ~~undersigned,~~Securities ~~thereunto~~Exchange ~~duly~~Act ~~authorized~~of 1934.

Yes ___ No X

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

Item 1. Company Credit Ratings.

On March 3, 2003 Standard & Poor's announced that it had lowered Newmont Yandal Operations Limited (the "Company's") corporate credit rating and the rating on the Company's U.S. $300,000,000 8 7/8% Senior Notes due April 2008 (the "Notes") from BBB to BB-. Standard & Poor's also announced that it had revised its outlook on the Company from stable to negative. On April 1, 2003, Standard & Poor's lowered it's long-term rating on the Company from BB- to B- and affirmed its continued outlook on the Company. Standard & Poor's indicated that its action was based on concern over the Company's future liquidity position in June 2004 if hedge counterparties exercise their rights to break existing contracts.

On May 27, 2003, Standard & Poor's announced that it had lowered the Company's corporate credit rating and the rating on the Notes to CC following Newmont Mining Corporation's ("Newmont's") May 27, 2003 press release announcing Yandal Bond Company Limited's ("YBCL's") offer to acquire all outstanding Notes not owned by YBCL (the "Offer") and YBCL's offer to acquire all of the gold hedge obligations owed by the Company to counter party banks (the "Hedge Counterparty Offer"). Standard & Poor's also indicated that if the Offer is accepted by Note holders, the Company's corporate credit rating and the rating on the Notes will be lowered to D. According to Standard & Poor's: "An obligation rated 'CC' is currently highly vulnerable to nonpayment." "The 'D' rating . . . . is used only where default has actually occurred."

On May 13, 2003, Moody's Investors Service downgraded the rating on the Notes, and the Company's senior implied rating and issuer rating, to Caa1 from Ba2. Moody's rating outlook is negative. Moody's indicated that the downgrade was based on the challenges facing the Company in meeting its debt obligations in light of the Company's reducing gold production profile, increasing cost base, and limited proven reserve position in light of the duration of its debt obligations, as well as the high leverage of the Company in light of the foregoing issues and the termination rights of hedge counterparties on specific dates prior to the maturity date of the hedge contracts. According to Moody's, the negative outlook reflects Moody's anticipation of ongoing contraction in earnings and cash flow given the Company's reducing business base and resultant pressure on liquidity, as well as the requirement for significant new financing to bring appropriate levels of additional reserves into production to improve the Company's earnings and cash generation profile. On May 21, 2003, Moody's confirmed its negative rating outlook.

On May 28, 2003, Moody's further downgraded the rating on the Notes, and the Company's senior implied rating and issuer rating to Ca and confirmed its negative ratings outlook. Moody's indicated that the downgrade resulted from the potential loss to which holders of Notes and hedge counterparties are exposed following Newmont's announcement of the Offer and the Hedge Counterparty Offer. According to Moody's, the negative outlook reflects the potential for further losses given various conditions to the Offer and considers Newmont's view that the Offer represents a premium to insolvency, further indicating the limited liquidation value and potential for wider losses.

Item 2. Hedge Counterparty Terminations.

During May 2003, the Company received notices from two gold hedge counterparties alleging a right to terminate their gold hedge counterparty contracts with the Company before their respective scheduled maturities, based on the alleged occurrence of early termination events under the contracts. The Company estimates the payments required to be made under the contracts would be approximately U.S. $49 million.

Item 3. Press Release of Newmont, dated May 27, 2003.

Attached as Exhibit 99.1 is a copy of the press release of Newmont, dated May 27, 2003.

Item 4. Press Release of Newmont, dated May 29, 2003.

Attached as Exhibit 99.2 is a copy of the press release of Newmont, dated May 29, 2003.

Item 5. Unaudited Consolidated Financial Statements of the Company for the Six Months Ended December 31, 2002.

Attached as Exhibit 99.3 is a copy of the unaudited consolidated financial statements of the Company for the six months ended December 31, 2002.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NEWMONT YANDAL OPERATIONS LIMITED

ABN 30 007 066 766

(Registrant)

By: ~~/s/~~ KJohn ~~G Williams~~ Dow

Name: K GJohn ~~Williams~~Dow

Title: ~~Director~~ Chief Executive Officer

Dated: 31 ~~January~~May 29, 2003

~~NEWMONT~~EXHIBIT ~~YANDAL~~INDEX

OPERATIONS LIMITED ABN 30 007 066 766

Exhibit Number	Description
99.1	Press release of Newmont, dated May 27, 2003.
99.2	Press release of Newmont, dated May 29, 2003.
99.3	Unaudited consolidated financial statements of the Company for the six months ended December 31, 2002.

REPORT ON ACTIVITIES FOR THE QUARTER

TO 31 DECEMBER 2002

Currency is Australian dollars unless otherwise stated.

OPERATIONS

Gold production for the quarter totalled 176,614 ounces at an average total cash cost of $342 per ounce.

Gold Production, Costs & Sales

period ending 31 December 2002

	Ore Treated ('000t)	Head Grade (g/t)	Gold Produced (ozs)	Total Cash Cost ($/oz)	Total Prod. Cost ($/oz)
Three months
Jundee	630.0	4.34	80,804	206	268
Bronzewig	527.3	4.12	67,827	470	609
Wiluna	215.5	4.43	27,983	423	546
TOTAL			176,614	342	443
Eighteen months			1,088,735	357	504

Jundee

Gold production increased 24% from the previous quarter to 80,804 ounces at a total cash cost of $206/oz. Cash costs per ounce produced decreased from $370/oz to $206/oz, as the high costs associated with the late stages of surface mining no longer affected costs, and as underground operation increased its productivity. Total costs per ounce fell from $498/oz to $268/oz due to higher production, lower direct mining costs and the abnormal impact of non cash costs in the previous quarter relating to ore stockpile depletion ($49/oz).

Ore mined for the quarter was 224,052 tonnes at an average grade of 9.00 g/tonne. Following completion of open pit mining in the September 2002 quarter ore mined came entirely from underground sources, with this quarter's production being records for both underground tonnage mined and ounces contained, as underground production is ramped up. The underground ore was predominantly mined from Barton Deeps, with smaller quantities from the Hughes and Nim3 orebodies. An intensive development program was conducted in Barton, Hughes and Nim 3 with preparations also made for the development of Westside. These preparations included reserve definition and grade control drilling.

Mill throughput (Jundee and Nimary) was 630,027 tonnes, the highest in over two years with an average grade of 4.34g/tonne. This high throughput rate and low grade are attributable to the softness of the stockpiled open pit ore that supplemented the feed from underground, with the stockpiled ore comprising 65% of mill feed. This also contributed to low unit milling costs for the quarter.

Bronzewing

Gold production was 67,827 ounces at a total cash cost of $470/oz. Cash costs per ounce produced were higher than last quarter due primarily to decreased gold production attributable to lower head grades from scheduling delays on accessing higher grade stopes at Bronzewing and Lotus. Ore mining and mill throughput improved marginally, due to the continuance of improved productivity at Bronzewing underground.

Mining of the Lotus Middle Zone below the 22 level was suspended as production negatively reconciled against the ore reserve model. Evaluation of the impact of potential loss of ore reserve ounces from this area is in progress.

Wiluna

Gold production was 27,983 ounces at a total cash cost of $423/oz. Ore production from the Woodley, Golden Age and Creek Shear underground mines was 117,865 tonnes at a grade of 7.12g/t. This was supplemented by low grade stockpiles for total mill throughput of 215,529 tonnes at 4.43g/t. Throughput continued to increase at the end of the quarter as a result of further modifications made to the Biox retreatment plant.

As reported in the September 2002 quarter, an agreement for the sale of Wiluna has been signed. The mine will continue to operate as normal and will be sold if all conditions precedent to closing are satisfied.

Production Cost Statement

Gold Institute Standard

Unaudited

	3 months 31 Dec. '02 ($/oz)	3 months 30 Sept. '02 ($/oz)	18 months 31 Dec. '02 ($/oz)
Direct mining expenses (1)	327	416	352
Stripping & mine development (2)	1	(16)	(8)
By-product credits (3)	(1)	(1)	(1)
Cash operating cost	327	399	343
Royalties (4)	15	14	14
Total cash cost	342	413	357
Depreciation (5)	38	40	39
Amortisation (6)	58	68	95
Mine closure (7)	8	9	10
Other (8)	(3)	22	3
Total production cost	443	552	504

(1) Includes all mining, milling and administration expenditures incurred on site, including inventory changes and site specific corporate charges.

(2) Represents adjustment for cost of waste removal at life-of-mine stripping ratio rates.

(3) Silver revenue.

(4) Represents royalties due to the Western Australian Government.

(5) Depreciation of mine site assets over the lesser of the asset's useful life or the life of the mine. Life-of-mine assets are depreciated on a units of production basis and the remainder on a straight line basis.

(6) Amortisation of mine development expenditure occurs on a units of production basis.

(7)

(8) Non cash component of ore stockpile depletion

EXPLORATION

Exploration expenditure for the December 2002 quarter for around mine and regional exploration was $5.1 million.

Jundee

Four holes at Lower Westside drilled to test south and down dip of the currently interpreted structures all intersected the main Westside structure and all contained visible gold. This area will be more thoroughly investigated in 2003. Results from three exploration holes into Westside Lower and into strike extensions are still outstanding. Resource definition drilling of Upper Westside intersected 0.4 to1.2 metres wide structures commonly with visible gold. A revised resource estimate for Westside will be made in early 2003.

Results from a program of eight holes testing the area down dip and to the north of the Barton 80C lode were encouraging with a further two holes returning good results including 5.6 metres at 18.4g/t and 1.1 metres at 13.0g/t.

Bronzewing

The first phase of drilling at Cockburn has intersected the Orelia ore system and confirmed the current interpretation. This has significantly improved some areas and extended the potential economic grade in others. The evaluation of exploration targets identified within trucking distance of the Bronzewing plant has commenced. Best results so far from a 161 hole RAB program on four prospects on the McClure SW Trend and the northern extension of the Lotus Mine were four metres at 0.61g/t at Anomaly 48 and two metres at 0.44g/t and four metres at 0.73g/t at Anomaly 44.

Wiluna

Infill drill continued in the lower levels of Woodley, returning a number of significant intersections including 15.8 metres at 11.1g/t and 13.6 metres at 7.4g/t. Exploration drilling into the Bulletin-Woodley Deeps area identified a significant new mineralised zone in altered and sheared dolerite, with a best intersection of 30 metres at 7.48g/t.

Regional Exploration

A seven hole reverse circulation (RC) percussion drilling programme at the Venus Prospect (Newmont 51% and earning 80%) returned encouraging results. The mineralisation lies on the Mt McClure structural trend and is located approximately 200 metres south of Newmont's Dragon Pit which produced approximately 45,000 ounces of gold. It is associated with narrow, high-grade quartz veins hosted within a 40

Gold Resources and Reserves

At 31 December 2002

	RESOURCES(1)									RESERVES(2)
	Measured		Indicated		Inferred		Total		Gold	Proved		Probable		Total		Gold
	(Mt)	(g/t)	(Mt)	(g/t)	(Mt)	(g/t)	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Mt)	(g/t)	(Mt)	(g/t)	(Moz)
Bronzewing	1.33	4.08	5.16	2.22	1.76	2.95	8.25	2.68	0.71	1.02	4.37	2.3	2.7	3.32	3.21	0.34
Jundee-Nimary	3.84	1.78	9.07	6.24	2.66	9.59	15.57	5.71	2.86	3.84	1.78	6.31	6.83	10.15	4.92	1.60
Wiluna	0.40	4.45	2.30	6.22	4.73	3.97	7.43	4.69	1.12	0.40	4.27	0.65	5.42	1.04	4.98	0.17
Total									4.69							2.11

(1)

(2) Reserves were estimated at a gold price of A$546.

Information in this report relating to ore reserves, mineral resources or mineralisation conforms to the reporting requirements of the "Australian Code for Reporting of Idenitified Mineral Resources and Ore Reserves" (the JORC Code), and Australian Stock Exchange Listing Rules. It is based on, and accurately reflects, information complied by M Hatcher, Chief Operations Geologist, Newmont Yandal Operations Limited, a Member of the AusIMM and a Competent Person as defined by the Code. It is included in this report with his consent.

Gold Hedging Positions(2)

The Company's total hedging contracts at 31 December 2002 were 3,438,400 ounces and the mark to market value of the hedge book was negative $510.8 million based on a spot price of $607 per ounce at 31 December 2002 (compared to $521.5 million disclosed at 30 September 2002). The following table shows the approximate sensitivities of the mark to market value of the hedge book to certain market variables as of 31 December 2002:

Market Variables	Change in Variable	Change in Mark to Market Value Million
A$ Gold Price	+/- $1.00	-/+ $4.0
A$ Interest Rates	+/- 0.1%	-/+ $2.4
Gold Lease Rates	+/- 0.1%	+/- $1.0

The Company's hedging positions, Australian Gold Council Standard, at 31 December 2002 are set forth in the attached table.

Maturity	Ounces	Gross $/oz	Net $/oz(1)	Maturity	Ounces	Gross $/oz	Net $/oz(1)
Forward Sales				Convertible Put Options
2002-03	46,000	550	519	2006-12	1,131,326	667	548
2003-04	156,000	546	506	Total	1,131,326	667	548
2004-05	159,488	552	506
2005-06	291,202	571	519	Sold Convertible Put Options(3)
2006-10	1,220,138	524	494	2004-05	(60,000)	588	536
Total	1,872,828	536	500	2005-06	(60,000)	593	531
				2006-08	(120,000)	601	523
Put Options				Total	(240,000)	596	528
2002-03	60,600	556	523
2003-04	9,200	572	525	Total Contracts
2004-05	129,112	582	524	2002-03	106,600	553	521
2005-06	153,798	591	525	2003-04	165,200	547	507
2006-10	321,536	608	515	2004-05	228,600	560	508
Total	674,246	594	520	2005-06	385,000	576	520
				2006-12	2,553,000	594	519
				Total Contracts	3,438,400	586	518

(1)

(2)

(3)

A number of hedging positions reported in the table are governed by agreements that confer to the relevant hedge counter-party a right to terminate the contracts prior to their agreed scheduled maturity dates. Such a termination would result in immediate cash settlement of those contracts based on the market value on the date of termination. The right to terminate can only be exercised on specific future dates. The table below summarises those contracts that are subject to rights to terminate and the mark to market value of those contracts as of 31 December 2002.

Potential Termination Date(1)	Ounces	31/12/2002 Negative Value $Million
Jan 03	336,000	8.1
Jun 04	133,335	18.4
Apr 05	840,000	101.6
May 05	195,000	27.9
Jun 05	(30,000)(2)	21.0
Aug 05	1,304,997	187.2
	2,779,332	364.2

(1)

(2)

During the fourth quarter of 2002 and the first quarter of 2003, certain hedge counter-parties exercised rights to break. A sold convertible put position of 240,000 ounces was originally overlaid with a bought convertible put position. The bought convertible put position was closed out during the fourth quarter of 2002 with a cash payment by the Company of $19.3 million. The mark to market of the remaining sold convertible put position at 31 December 2002, was positive $25.3 million. In the first quarter of 2003, an additional 336,000 ounces of sold forwards and bought put options were closed out pursuant to right to break provisions. Concurrently, with the aforementioned closeout, a further 48,000 ounces of bought call options were closed out to reduce the net close out payment to $5.9 million.

In view of the rising gold price and the rights of early termination for hedge counter-parties, the Company is cognisant that it needs to ensure that it has sufficient funds to meet its financial obligations as and when they fall due. The Company continues to operate as a going concern and continues to consider various means by which it can fund its financial obligations as and when they fall due, as well as exploration expenditures. It will require continued exploration success and may require external sources of significant funds. Its ability to raise funds from external sources is severely limited at present.

/s/ Ken Williams

Ken Williams

Director

31 January 2003

Enquiries concerning this report may be directed to:

Australia:

Manager - Investor Relations

Telephone: +61 8 8303 1756

Facsimile: +61 8 8303 1904

E-mail: investor@newmont.com.au

North America:

Group Executive - Investor Relations

Telephone: +1 303 837 5927

Facsimile: +1 303 837 5837

E-mail: rbal5927@corp.newmont.com

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