Global gold miner Newmont has sold its shares of Triple Flag Precious Metals for $179-million as part of the streamlining of its equity portfolio.
Newmont acquired its equity interest in Triple Flag through the formation of a strategic partnership with Maverix Metals in 2018. Following Newmont’s Goldcorp acquisition in 2019, the gold major sold additional royalties to Maverix, which resulted in the firm owning 42-million common shares of Maverix and 5-million purchase warrants.
In January 2023, Triple Flag completed the acquisition of Maverix, and Newmont received 15.1-million common shares and 1.8-million purchase warrants of the combined company. Prior to the completion of the sale, Newmont held 7.5% of the issued and outstanding common shares of Triple Flag for investment purposes.
Newmont notes that since the completion of the Goldcorp acquisition, the company has received more than $2-billion in cash proceeds from the sale of noncore assets as part of its strategy to maximise value for shareholders and other stakeholders.
“These proceeds further strengthen Newmont’s investment-grade balance sheet, enabling the company to maintain a flexible financial position throughout the commodity price cycle with a clear focus on maintaining a world-class portfolio of long-life, responsibly managed assets located in top-tier jurisdictions,” the company states.