Newmont Subsidiary Repays Outstanding Balance on Revolving Credit Facility
September 13 2016 - 4:25PM
Business Wire
Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company)
today announced its Indonesian subsidiary PTNNT repaid the
remaining $190 million balance under its Revolving Credit Facility
due in 2017. Year-to-date, Newmont has reduced its consolidated
debt by more than $1.1 billion.
“Repayment of the PTNNT Credit Facility is an important step in
completion of the sale of PTNNT,” said Laurie Brlas, Executive Vice
President and Chief Financial Officer. “The remaining balance of
$190 million was paid from cash held at the subsidiary. We expect
that the sale of PTNNT will close later this quarter or early in
the fourth quarter. Newmont continues to evaluate options for
optimizing the best uses of cash, including investing in profitable
new production, repaying debt and returning capital to
shareholders.”
Since 2013, Newmont has generated $1.9 billion in fairly valued
asset sales, which will increase to $2.8 billion upon closing of
the sale of PTNNT.
About Newmont
Newmont is a leading gold and copper producer. The Company’s
operations are primarily in the United States, Australia, Ghana,
Peru, Indonesia and Suriname. Newmont is the only gold producer
listed in the S&P 500 Index and was named the mining industry
leader by the Dow Jones Sustainability World Index in 2015 and
2016. The Company is an industry leader in value creation,
supported by its leading technical, environmental, social and
safety performance. Newmont was founded in 1921 and has been
publicly traded since 1925.
Cautionary Statement
This news release may contain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the safe harbor created
by such sections. Such forward-looking statements may include,
without limitation, expectations with respect to the closing of the
sale of PTNNT, receipt of expected proceeds, future use of cash,
future investment, future debt repayment and future return of
capital to shareholders. Where Newmont expresses or implies an
expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, forward-looking statements are
subject to risks, uncertainties and other factors. Investors are
cautioned the sale of PTNNT remains contingent on the receipt of
regulatory approvals, buyer shareholder approval, and satisfaction
of other conditions precedent, including, without limitation,
government approval of the PTNNT share transfer, maintenance of
valid export license at closing, the concurrent closing of the
PTMDB sale of its 24 percent stake to the buyer, resolution of
certain tax matters, and no occurrence of material adverse events
that would substantially impact the future value of Batu Hijau.
Potential additional risks include other political, regulatory or
legal challenges and community and labor issues. As such, actual
outcomes may differ materially from those anticipated by the
forward-looking statements. For a discussion of additional risks
which may impact the Company, see the Risk Factors section in
Newmont’s 2015 Annual Report on Form 10-K, which is on file with
the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov,
as well as Newmont’s other recent SEC filings. Newmont does not
undertake any obligation to publicly issue revisions to any
“forward-looking statement,” to reflect events or circumstances
after the date hereof, or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20160913006653/en/
Newmont Mining CorporationInvestor
ContactMeredith Bandy,
303-837-5143meredith.bandy@newmont.comorMedia
ContactOmar Jabara, 303-837-5114omar.jabara@newmont.com
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