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MarketScreener Homepage  >  Equities  >  Nyse  >  Newmont Mining Corporation    NEM

NEWMONT MINING CORPORATION

(NEM)
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Newmont to Sell Continental Gold Stake as Part of Takeover Bid

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12/02/2019 | 09:35am EST

By Micah Maidenberg

Newmont Goldcorp Corp. (NEM) plans to sell its stake in Continental Gold Inc. (CNL.T) in connection with a Chinese company's proposed deal to takeover that firm.

Newmont Monday said it signed a contract to support Fujian, China-based Zijin Mining Group Co.'s proposed $1.4 billion Canadian dollars acquisition of Continental, which has been developing a gold mine in Colombia.

Denver-based Newmont owns a 19.9% equity stake in Continental, Newmont said Monday. It will sell that holding as well as a convertible bond for $260 million and use the proceeds for investments, to support returning capital to shareholders and to bolster its balance sheet.

"While we have valued our partnership with Continental, this is an appropriate time to sell into a strong bid," Newmont Chief Executive Tom Palmer said in a statement.

Zijin's proposed bid for Continental values the latter company's shares at C$5.50.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL GOLD INC. 0.37% 5.38 Delayed Quote.139.11%
GOLD -0.08% 1473.2 Delayed Quote.14.17%
NEWMONT MINING CORPORATION 2.28% 40.9 Delayed Quote.18.04%
ZIJIN MINING GROUP COMPANY LIMITED 0.00% 3.18 End-of-day quote.7.80%
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Financials (USD)
Sales 2019 9 775 M
EBIT 2019 1 702 M
Net income 2019 2 677 M
Debt 2019 3 629 M
Yield 2019 1,37%
P/E ratio 2019 11,7x
P/E ratio 2020 18,2x
EV / Sales2019 3,80x
EV / Sales2020 3,08x
Capitalization 33 531 M
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Technical analysis trends NEWMONT MINING CORPORATION
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 46,26  $
Last Close Price 40,90  $
Spread / Highest target 34,5%
Spread / Average Target 13,1%
Spread / Lowest Target -9,54%
EPS Revisions
Managers
NameTitle
Thomas R. Palmer President, Chief Executive Officer & Director
Noreen Doyle Independent Non-Executive Chairman
Rob Atkinson Chief Operating Officer & Executive Vice President
Nancy K. Buese Chief Financial Officer & Executive Vice President
James Zetwick Chief Information Officer & Vice President
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