Newmont Divests Stake in Orla Mining Shares

US-based gold miner Newmont completed the sale of its entire equity stake in Canada-based gold and base metals miner Orla Mining, disposing of 43 million common shares for aggregate gross proceeds of US$439 million. The company considers the sale demonstrates the company’s commitment to streamlining its equity portfolio and focusing on other priority projects. 

Newmont reported that the shares were sold through the Toronto Stock Exchange (TSX) for CA$14 (US$10.14) per share. Immediately before the sale, Newmont held 43,245,294 common shares, which represented approximately 13.3% of Orla Mining's issued and outstanding shares. As a result of the disposition, Newmont no longer has any common shares of Orla Mining. "Today’s announcement demonstrates Newmont’s ongoing commitment to streamlining our equity portfolio and unlocks significant cash to support Newmont’s capital allocation priorities. While this marks the end of our ownership in Orla Mining, we are confident in their continued ability to drive value for shareholders," said Tom Palmer, CEO, Newmont.

Jason Simpson, CEO, Orla Mining, noted that the company’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,” Simpson concluded.