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Newcrest downsizes Evolution shareholding

Newcrest downsizes Evolution shareholding

Photo by Bloomberg

27th February 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold major Newcrest Mining has reduced its shareholding in fellow-listed Evolution Mining from 32.3% to 14.9% in an overnight sell-down of shares.

The sale was priced at 85c a share, generating proceeds of some A$106-million, which Newcrest would use to repay debt.

“Evolution’s recent trading performance presented an opportunity for Newcrest to realise value for Newcrest shareholders by selling part of its interest in Evolution, while retaining ongoing exposure to future upside in Evolution,” said Newcrest MD and CEO Sandeep Biswas.

Newcrest has agreed to an escrow on its remaining holding in Evolution until the release of the company’s full-year results.

Edited by Creamer Media Reporter

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