Newmont Mining to Sell Royalty Portfolio to Maverix Metals

   By Colin Kellaher

Newmont Mining Corp. (NEM) on Tuesday said it agreed to sell its royalty portfolio to Canadian precious-metals royalty and streaming company Maverix Metals Inc. (MMX.V).

The Greenwood Village, Colo., gold and copper miner said it will receive $17 million in cash and 60 million Maverix common shares, equal to a roughly 28% stake in Maverix. Newmont also will receive warrants to buy an additional 10 million Maverix shares.

Maverix shares were trading at C$1.60 ($1.23) early Tuesday, up 10.3%.

Newmont said the portfolio includes 54 precious metals and industrial minerals royalties, including royalties at TMAC Resources Inc.'s (TMR.T) Hope Bay mine in Canada and Premier Gold Mines Ltd.'s (PG.T) McCoy Cove project in Nevada. Maverix said the deal will triple the size of its portfolio size and provide immediate cash flow.

Newmont said it will get a seat on Maverix's board and pre-emptive rights to participate in future financings to maintain its ownership stake.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 29, 2018 10:40 ET (14:40 GMT)

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