Friday, 21st December 2007 (2081 views)

Newmont Mining has reported the sale of its royalty assets and a selection of other non-core investments to Franco-Nevada.

The sale, valued at $1.3 billion (£647 million), follows the announcement earlier in the year in which the company confirmed it would monetise components of its royalty and equity portfolio.

The mining firm now expects to record a pre-tax gain of around $900 million in the fourth quarter as a result of the sale.

Richard O'Brien, Newmont's president and chief executive officer, expressed his pleasure with the agreed sale, indicating that it maximised the value of the assets for its shareholders.

"The successful conclusion of this process on the timetable that we had originally established allows us to move into 2008 with the ability to devote our resources to the development of our core gold business," he stated.

Newmont employs over 15,000 people with many located at its mine sites across the world from the United States to Australia, Peru, Indonesia and Bolivia.

 

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