Newmont Mining completes sale of 19.45% interest in Australia’s Regis Resources

10 March 2016 (Last Updated March 10th, 2016 18:30)

Newmont Mining has completed the sale of its 19.45% interest in Australian-based Regis Resources to a broad range of institutional investors for A$243m ($182m).

Newmont Mining has completed the sale of its 19.45% interest in Australian-based Regis Resources to a broad range of institutional investors for A$243m ($182m).

Newmont Mining strategic development executive vice president Randy Engel said: "This sale further strengthens Newmont's balance sheet and enhances our focus on our core business.

"Since mid-2013, we have executed nearly $1.9bn in non-core asset sales, allowing us to invest in new, profitable production, further pay down debt and return capital to shareholders."

Regis operates the Duketon gold project in the North Eastern Goldfields of Western Australia as well as the McPhillamys gold project in the Central Western region of New South Wales.

"This sale further strengthens Newmont's balance sheet and enhances our focus on our core business."

The Duketon project commenced operations in August 2010 following the construction of the Moolart Well gold mine.

Newmont lowered net debt in 2015 by 19% and continued to invest in growth by acquiring Cripple Creek & Victor in Colorado.

This allowed the company to advance five profitable development projects in the US, Australia and Suriname and added five million ounces of gold reserves by the drill bit.

Newmont also reduced all-in sustaining costs by 10% in 2015 and increased adjusted EBITDA by 29% despite a fall in gold price by 9%.

In October 2015, the company completed the sale of Newmont Waihi Gold located about 150km southeast of Auckland in New Zealand, to OceanaGold for $101m.