Newmont Completes Sale of Triple Flag Shares
March 29 2023 - 7:30AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230328005942/en/
Media Contact Omar Jabara
720.212.9651 omar.jabara@newmont.com
Investor Contact Daniel Horton
303.837.5468 daniel.horton@newmont.com
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