Summary
Newmont Mining Corporation (NEM) announced a significant divestiture through its Canadian subsidiary, Newmont Mining Corporation of Canada Limited. The subsidiary has agreed to sell approximately 14.46 million shares of Kinross Gold Corporation for roughly CAD $130 million. This transaction is expected to result in a pre-tax gain of approximately US $19 million for Newmont in the third quarter of 2005.
Key Highlights
- 1Divestiture of Kinross Gold Corporation shares by a Newmont subsidiary.
- 2Sale of approximately 14,457,441 Kinross Gold Corporation shares.
- 3Transaction value approximately Canadian $130 million.
- 4Expected pre-tax gain of approximately US $19 million recognized in Q3 2005.
- 5The sold shares were classified as an available-for-sale marketable security.
Frequently Asked Questions
The primary event is the agreement by Newmont Mining Corporation of Canada Limited, a subsidiary of Newmont Mining Corporation, to sell its holdings of Kinross Gold Corporation shares.
Newmont expects to recognize a pre-tax gain of approximately US $19 million on a consolidated basis in the third quarter of 2005 as a result of this sale.
The sale of approximately 14.46 million Kinross Gold Corporation shares is valued at approximately Canadian $130 million.
The shares were classified as an available-for-sale marketable security in Newmont's financial statements prior to the sale.