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Newmont Corporation (NYSE: NEM) has announced the successful sale of its shares in Triple Flag Precious Metal Corp., generating net proceeds of $179 million. This move is part of Newmont's strategy to streamline its equity portfolio and enhance cash flow. Since acquiring Goldcorp in 2019, Newmont has raised over $2 billion from non-core asset sales, strengthening its investment-grade balance sheet. The company is focused on maintaining a sustainable portfolio of long-life assets in premier mining jurisdictions.
Positive
Generated $179 million in net proceeds from the sale of Triple Flag shares.
Raised over $2 billion from non-core asset sales since 2019.
Negative
None.
DENVER--(BUSINESS WIRE)--
Newmont Corporation (NYSE: NEM, TSX: NGT) today announced it completed the sale of its common shares of Triple Flag Precious Metal Corp. (Triple Flag) on the open market for $179 million in net proceeds, after tax. The monetization of Triple Flag’s shares further streamlines and optimizes Newmont’s equity portfolio, while generating cash for the business at fair value.
Since the completion of the Goldcorp acquisition in 2019, Newmont has received more than $2 billion in cash proceeds from the sale of non-core assets as part of its strategy to maximize value for shareholders and other stakeholders. These proceeds further strengthen Newmont’s investment-grade balance sheet, enabling the Company to maintain a flexible financial position throughout the commodity price cycle with a clear focus on maintaining a world-class portfolio of long-life, responsibly managed assets located in top-tier jurisdictions.
Newmont’s equity interest in Triple Flag originated through the formation of a strategic partnership with Maverix Metals Inc. (Maverix) in 2018. Following the Goldcorp acquisition, Newmont sold additional royalties to Maverix in 2020, which resulted in Newmont owning 42.0 million common shares of Maverix and 5.0 million purchase warrants. In January 2023, Triple Flag completed the acquisition of Maverix, and Newmont received 15.1 million common shares and 1.8 million purchase warrants of the combined company. Prior to the completion of the sale, Newmont held approximately 7.5 percent of the issued and outstanding common shares of Triple Flag for investment purposes.
Cautionary Statement:
This release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements may be accompanied by terminology such as “will”, “would” or comparable terminology. Forward-looking statements provide the Company’s expectations about future events, such as regarding the potential future exercise of warrants and future capital allocation, financial strength and flexibility and returns to shareholders. Forward-looking statements are not guarantees and involve certain risks, uncertainties and assumptions, which may cause actual results to differ. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement”, to reflect circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
About Newmont
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.
