Newmont Mining completed the sale of the Waihi mine post the announcement of its Q3 results, a move that is largely in line with the company’s strategy for adapting to the prevailing environment of subdued gold prices. The company sold off the Waihi mine, located in New Zealand, to OceanaGold Corporation for cash proceeds of $101 million. Newmont has tried to lower its average costs of production as well as reduce its outstanding debt through the sale of non-core assets. Newmont’s moves closely mirror those of other major gold miners, such as Barrick Gold, which are also trying to come to terms with the subdued gold pricing environment.
from http://ift.tt/1OgZTsn
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