DENVER (Yosefardi) – Newmont Mining Corporation has Tuesday (March 11) sold its 5.4 percent equity interest in ASX-listed Paladin Energy Ltd. through a block sale agreement with UBS Australia.
The Company’s ownership interest in Paladin was established through its acquisition of Fronteer Gold in 2011.
“The sale of Paladin will generate over $24 million in cash and reflects Newmont’s ongoing strategy to divest non-core assets, some of which are included in the Company’s marketable securities portfolio”
“The sale of Paladin will generate over $24 million in cash and reflects Newmont’s ongoing strategy to divest non-core assets, some of which are included in the Company’s marketable securities portfolio,” said Randy Engel, Executive Vice President of Strategic Development.
“Newmont will continue to evaluate its holdings and may, from time to time, divest other equity positions and assets under favorable conditions and terms,” Engel added.
Founded in 1921 and publicly traded since 1925, Newmont is a leading producer of gold and copper. Headquartered in Colorado, the Company has approximately 40,000 employees and contractors, with the majority working at managed operations in the United States, Australia, New Zealand, Peru, Indonesia and Ghana.