Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) was hit with a second major exit this month as Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) sold its entire 13.3 percent stake for US$439 million, sending the Canadian miner’s shares tumbling nearly 8 percent on Friday (September 19).
The Denver-based miner said it sold the shares through the Toronto Stock Exchange at US$10.14 (C$14.00) each. The move leaves Newmont with no remaining stake in the company.
CEO Tom Palmer called the sale part of a broader strategy to sharpen focus and free up capital.
“Today’s announcement demonstrates Newmont’s ongoing commitment to streamlining our equity portfolio and unlocks significant cash to support Newmont’s capital allocation priorities,” he said.
Orla shares fell 7.7 percent on Friday to US$10.21 after the sale, cutting its market capitalization to about US$2.41 billion.
The drop followed a similar selloff earlier in September when Agnico Eagle Mines…
