Newmont sells Regis stake

Global gold producer Newmont Mining has sold its 19 per cent stake in local company Regis Resources.

Regis announced today Newmont had disposed of its 19.45 per cent shareholding in the Perth gold miner to a broad range of institutional investors in Australia, North America and Europe.

At the prevailing market price, the trade was valued at about $250 million.

The stock sale was managed by an unnamed broker.

Newmont has owned most of the Regis shares since 2006.

The sale forms part of Newmont’s plans to reduce corporate and project debt.

We would like to thank Newmont for being such a supportive shareholder over many years and we are very pleased to welcome a number of new nigh quality Australian and international institutional investors on to the Regis register,” Regis chairman Mark J Clark said.

Regis shares were 2.8 per cent lower to $2.54 each at 12:30pm.