Newmont has sold its major share in Australian gold miner Regis Resources.
Last week the global miner offloaded its 19.45 per cent shareholding in Regis, for US$182 million ($243 million) as part of its global strategy to reduce debt.
It has held the Regis shares for around a decade.
The stock was sold to a broad range of institutional investors in Australian, North America, and Europe.
“This sale further strengthens Newmont’s balance sheet and enhances our focus on our core business,” Newmont executive vice president for strategic development, Randy Engel, said.
“Since mid-2013, we have executed nearly US$1.9 billion in non-core asset sales, allowing us to invest in new, profitable production, further pay down debt, and return capital to shareholders.”
To date Newmont has reduced its all-in sustaining costs by 10 per cent
Commenting on the sale, Regis Resources executive chairman Mark Clark stated Regis “would like to thank Newmont for being such a supportive shareholder over many years and we are very pleased to welcome a number of new high quality Australian and International institutional investors on to the Regis register”.