Loading ...Newmont Mining (NYSE:NEM) has agreed to sell its full royalty portfolio to Canada’s Maverix Metals (TSX-V: MMX), a precious metals royalty and streaming junior firm, in a transaction that gives the US miner $17 million cash and a 28%-stake in the Vancouver-based company.
The Greenwood Village, Colorado-based miner, the only gold company that forms part of the S&P500 index, has a portfolio of 54 precious metals and industrial minerals royalties, including the ones from TMAC Resources’ Hope Bay mine in Canada and Premier Gold’s McCoy Cove project in Nevada.
“Our strategic partnership and equity interest in Maverix generates value for both companies’ shareholders,” Randy Engel, Newmont’s Executive Vice President, Strategic Development, said in the statement. “Maverix’s management team has a strong track record of managing and growing high-quality royalty and streaming assets in favorable mining districts on four continents.”
cont. http://www.mining.com/newmont-sells-royalty-portfolio-maverix-metals-17-million-stake-junior/