Global miner Newmont has completed the sale of its common shares of Orla Mining, for aggregate gross proceeds of US$439 million (C$605 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,” said Tom Palmer, Newmont chief executive officer.
“We value the strong relationship we’ve had with Orla since our initial investment. From the development of Camino Rojo to the acquisition of Musselwhite from Newmont early this year, we are delighted to have been part of Orla’s beginning. While this marks the end of our ownership in Orla, we are confident in their continued ability to drive value for shareholders.”
Immediately before the sale, Newmont held about 43 million common shares, which represented 13.3% of the issued and outstanding common shares on a non-diluted basis. As a result of this disposition, Newmont no longer holds any common shares of Orla.
“Orla’s portfolio has been built, in part, through the acquisition of former Newmont assets. We are grateful for the confidence placed in us to advance these projects responsibly and to unlock their full potential. As we continue to execute on our growth strategy, we remain focused on creating long-term value for our stakeholders while broadening and diversifying our investor base,” said Orla President and CEO Jason Simpson.
Source: Newmont