Newmont exits Orosur Mining stake in C$5.6m sale
Gold miner Newmont has sold its entire stake in Orosur Mining, marking a complete exit from the junior South America-focused exploration company.
The world’s biggest gold producer announced Thursday that it had sold 29.2-million common shares of Orosur in a private transaction at C$0.19 apiece, for total gross proceeds of C$5.55-million.
Prior to the transaction, Newmont’s holding represented about 9.4% of Orosur’s issued and outstanding shares on a nondiluted basis. The company attributed the reduced stake to dilution following distributions of shares by Orosur.
“As a result of this disposition, Newmont no longer holds any common shares of the issuer,” the company said in a statement.
Newmont said the shares were held for investment purposes.
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