Source: newsthemegh.com
The common shares of Triple Flag Precious Metal Corp. (Triple Flag) owned by Newmont Corporation were successfully sold for $179 million in net after-tax proceeds on the open market.
The sale of Triple Flag’s shares generates cash for the company at fair value while further streamlining and optimizing Newmont’s equity portfolio.
As part of its objective to maximize value for shareholders and other stakeholders, Newmont has earned more than $2 billion in cash proceeds from the sale of non-core assets since the closing of the Goldcorp purchase in 2019.
With a clear focus on maintaining a world-class portfolio of long-life, responsibly managed assets situated in top-tier jurisdictions, these proceeds further strengthen Newmont’s investment-grade balance sheet and enable the company to maintain a flexible financial position throughout the commodity price cycle.
In 2018, Maverix Metals Inc. (Maverix) and Newmont established a strategic relationship that gave rise to Newmont’s equity stake in Triple Flag.
Following the purchase of Goldcorp, Newmont sold further royalties to Maverix in 2020, resulting in Newmont’s ownership of 42.0 million common shares and 5.0 million purchase warrants in the company.
Maverix was acquired by Triple Flag in January 2023, and as a result, Newmont received 15.1 million common shares and 1.8 million buy warrants of the new firm.
Aproximate 7.5% of the issued and outstanding common shares of Triple Flag were held for investment purposes by Newmont prior to the transaction.