Newmont Corporation has successfully completed the sale of its 19.9 per cent equity stake and convertible bond in Continental Gold Inc. for $260 million in cash. The sale was part of a contractual arrangement to support Zijin Mining Group’s acquisition of Continental.
Tom Palmer, President and Chief Executive Officer said selling the Continental stake into a strong bid allowed the company to generate $260 million in cash that will support its disciplined approach to capital allocation, including strengthening the company’s investment grade balance sheet, investing in the highest returning projects, and returning excess cash to shareholders.
“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 $1.4 billion in asset sales in less than a year since closing the Goldcorp acquisition last April.”
Newmont has a 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.