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Newmont Mining sells 5.4% interest in Paladin Energy

Newmont Mining sells 5.4% interest in Paladin Energy

Photo by Reuters

12th March 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – US-based Newmont Mining on Tuesday announced that it had sold its 5.4% equity interest in ASX-listed Paladin Energy through a block sale agreement with UBS Australia, raising about $24-million in cash.

The sale reflected Newmont’s ongoing strategy to divest noncore assets, some of which were included in the company’s marketable securities portfolio.

Newmont acquired the interest in Paladin through its acquisition of Fronteer Gold in 2011.

“Newmont will continue to evaluate its holdings and may, from time to time, divest other equity positions and assets under favourable conditions and terms. The sale of Paladin will generate over $24-million in cash and reflects,” Newmont executive VP of strategic development Randy Engel said.

Headquartered in Colorado, Newmont has about 40 000 employees and contractors, with the majority working at managed operations in the US, Australia, New Zealand, Peru, Indonesia and Ghana.

Newmont is the only gold company listed in the S&P 500 index and in 2007, became the first gold company selected to be part of the Dow Jones Sustainability World Index.

Edited by Creamer Media Reporter

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