Newmont Mining Corporation (NYSE: NEM) has announced that its Indonesian subsidiary PTNNT repaid the remaining $190 million balance under its Revolving Credit Facility due in 2017.
Year-to-date, Newmont has reduced its consolidated debt by more than $1.1 billion.
“Repayment of the PTNNT Credit Facility is an important step in completion of the sale of PTNNT,” said Laurie Brlas, Executive Vice President and Chief Financial Officer.
“The remaining balance of $190 million was paid from cash held at the subsidiary. We expect that the sale of PTNNT will close later this quarter or early in the fourth quarter. Newmont continues to evaluate options for optimising the best uses of cash, including investing in profitable new production, repaying debt and returning capital to shareholders.”
Since 2013, Newmont has generated $1.9 billion in fairly valued asset sales, which will increase to $2.8 billion upon closing of the sale of PTNNT.
Newmont is a leading gold and copper producer. The company’s operations are primarily in the United States, Australia, Ghana, Peru, Indonesia and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015 and 2016. The company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.
Source:ClassFMonline.com/91.3
