Newmont Mining Sells Remaining Magma Stake
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NEW YORK — Newmont Mining Corp. said it has sold its remaining holdings in its Magma Copper Co. subsidiary back to the company for $190 million in cash.
The sale of the 15% stake completes the initial phase of Newmont’s restructuring plan, which it announced in October, 1987, the company said.
Newmont said it will receive a $12-million tax refund because the sale will create a tax loss. Proceeds of the sale will be used to reduce Newmont’s debt, the company said.
Newmont spun off Magma shares as a dividend to its stockholders in March, 1987. Denver-based Newmont, which owns the largest U.S. gold mine, is 49%-owned by British mining giant Consolidated Gold Fields PLC.
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