Newmont successfully sells stake in Continental Gold for $260 million in cash
Newmont Corporation announced it successfully completed the sale of its 19.9 percent 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.
“Selling our Continental stake into a strong bid allowed us to generate $260 million 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 Tom Palmer, President and Chief Executive Officer. “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 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.
Photo: Newmont signs at the PDAC conference in Toronto, Canada