LONDON: Orosur Mining Inc. said Thursday it has been notified that Newmont Mining Corporation has sold its approximately 9.4% stake in the company to several institutional long-term investors.
The shares were sold at a price of C$0.19 per common share, according to a statement released by Newmont to the Toronto Stock Exchange after market close on Wednesday. The sale is part of Newmont’s ongoing strategy to divest non-core assets.
Despite the divestment, Newmont indicated it may consider increasing its ownership in Orosur in the future, depending on market conditions and other factors.
“Whilst we are sad to see Newmont go, we understand that the sale of the stake is part of Newmont’s strategy of non-core disposals,” said Louis Castro, executive chairman of Orosur. “Newmont has been a loyal and supportive partner to Orosur. We part on good terms and we welcome a number of strong and knowledgeable long-term investors as we push further into an exciting growth phase for the company.”
Orosur Mining Inc. is listed on the TSX Venture Exchange and AIM under