| Newmont Mining sells stake in joint venture | |
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DENVER (AP) -- Newmont Mining will sell its 44 percent stake in Mexico's Penmont joint venture for about $450 million.
Executive Vice President for Strategic Development Randy Engel said Friday that the sale to Fresnillo PLC will allow its partner to consolidate their position in the Herradura Corridor in northern Mexico.
Newmont Mining has raised $1.3 billion from non-core asset sales since last year. Engel said that the divestitures have improved the company's financial flexibility and put it in a better position to fund profitable operations, such as the Merian gold mine in Suriname.
The sale is targeted to close in early October. It still needs approval from Fresnillo shareholders.
Shares of Newmont Mining Corp. fell 5 cents to $25.54 in premarket trading.
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Fresnillo Ltd.
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PRODUCER |
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CODE : FRES.L |
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ISIN : GB00B2QPKJ12 |
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Fresnillo is a zinc and lead producing company based in Mexico. Fresnillo produces zinc, lead, copper, gold, lead and silver in Mexico, develops gold and silver in Mexico. Its main assets in production are CIÉNEGA, HERRADURA, FRESNILLO, SABINAS, SOLEDAD & DIPOLOS, ORISYVO and SAN JUAN - FRESNILLO in Mexico, its main asset in development is SAUCITO in Mexico and its main exploration properties are SAN JULIAN - FRESNILLO, JUANICIPIO and NOCHE BUENA in Mexico. Fresnillo is listed in United Kingdom. Its market capitalisation is GBX 459.6 billions as of today (US$ 551.8 billions, € 519.8 billions). Its stock quote reached its highest recent level on July 17, 2020 at GBX 998.60, and its lowest recent point on November 14, 2024 at GBX 624.00. Fresnillo has 736 500 000 shares outstanding. |