Newmont has announced it has successfully completed the sale of its 19.9% equity stake and convertible bond in Continental Gold for $260mn in cash.
“Selling our Continental stake into a strong bid allowed us to generate $260mn in cash that will support our disciplined approach to capital allocation, including strengthening our investment grade balance sheet, investing in our highest returning projects, and returning excess cash to our shareholders,” said Newmont’s President & Chief Executive Officer Tom Palmer.
“Combined with the sale of our interests in Continental and KCGM, once we complete the sale of Red Lake this quarter, we will have generated more than $1.4bn in asset sales in less than a year since closing the Goldcorp acquisition last April.”
Newmont has the strongest and most sustainable portfolio of world-class operations, projects and exploration prospects in the gold sector. These assets allow the Company to sequence profitable projects in its unmatched pipeline to sustain stable gold production over a decades-long time horizon in top-tier jurisdictions around the globe.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa.
Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.