Newmont Closes Sale of Two Non-Core Assets for $850 Million

MT Newswires Live04-16

Newmont (NEM) said Wednesday it closed its divestment of its Akyem operation in Ghana and Porcupine operation in Canada for total after-tax cash proceeds of $850 million.

The consideration for the Porcupine sale included around 119.7 million shares of Discovery Silver, which are held by Newmont subsidiary Goldcorp.

With the sale completions, the company said it has divested all six of its non-core operations. The total gross proceeds from the announced divestitures are expected to total up to $4.3 billion, including $3.8 billion from non-core divestitures and $527 million from the sale of other investments, Newmont said.

Price: 56.38, Change: +1.80, Percent Change: +3.30

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment