Newmont Corp (TSX: NEM) has again demonstrated that it has no interest in holding the equity of those it sells assets to. The company this morning indicated it has sold out of it’s entire 13.3% interest in Orla Mining (TSX: OLA).
The sales process saw Newmont dispose of a total of 43 million common shares of Orla on the TSX at an average price of C$14.00 per share, generating gross proceeds of C$605 million (US$439 million).
“Today’s announcement demonstrates Newmont’s ongoing commitment to streamlining our equity portfolio and unlocks significant cash to support Newmont’s capital allocation priorities,” commented Newmont CEO Tom Palmer on the sale.
The sale follows Newmont selling out of stakes in both Discovery Silver and Greatland Resources earlier this year, after both of those entities acquired non-core assets from Newmont over the last year.
Newmont is said to no longer hold an interest in Orla.
Newmont last traded at $108.02 on the TSX.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
