Newmont said the sale will generate more than $24 million in cash for the company.
Shares in world number two gold miner drop in heavy volume after missing on earnings and revenue and slashing gold and copper reserves.
Despite extreme measures taken by gold miners to balance their books, the sector continues to suffer the aftermath of last year’s precious metal price nosedive.
Analysts warn of increasing government pressure on miners in other jurisdictions as well.
We often hear that large gold producers are usually not the best explorers. As such, when it comes time to replenish or grow their resource base, they must look to M&A.
The company is reviewing its dividend policy and looking at possibly curtailing operations in Indonesia.
As bullion miners continue to be valued at a discount because of ongoing price volatility,
In the third quarter of 2013, Ghana's output of the precious metal declined by 18%, the Minerals Commission says.
After meeting with locals, authorities said the company is likely to gain a social license to restart operations in 2014.
Gold sector's situation is about to get worse.
Gold price slides again, the bloodletting among gold stocks intensify and ETF liquidations pick up speed.
The world's number one gold miner led a sell-off on Thursday after announcing a stock sale to pay down debt at a deep discount.
Other major gold miners also fall amid gold price drop.
Company shows 6% drop in copper production at Australian mine.
China's state-owned Minmetals enters bidding for $5.6 billion project.
Although not official, CEO Gary Goldberg did say last week he was open to new deals and adding more copper production.
Company working on improving its increasing cost structure.
The sector takes a battering on Tuesday led by 6.7% decline for Goldcorp, world's most valuable gold miner.
The gold bear parade had gotten a bit overcrowded.
And sales declined 11% to $1.99 billion.
Locals are forming squads of ronderos.
It will be an extremely important and interesting half-year results season for gold miners, say experts.
Company's stock is at a 21-year low.
Peru's ombudsman office warned about the renewed unrest in the Cajamarca region, where Newmont has its now halted $4.8 billion gold-copper Conga project.
Group claims project continues to advance despite being officially deemed as “suspended.”
Newmont's subsidiary Yanacocha said it is evaluating new projects in the region.
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