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Newmont Goldcorp to buy up to $1 billion of its stock

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(Kitco News) - Fresh after unloading its Red Lake property a week ago, Newmont Goldcorp said its board authorized a $1 billion stock repurchase program to be completed over the next year.

Newmont Goldcorp (TSE:NGT) was up 1.25% to $51.68 as of 11:40 a.m. ET.

Newmont also benefitted financially from Zijin Mining's blockbuster acquisition of Continental Gold for $1 billion

“Our share repurchase program reflects the confidence we have in our people, our operations and our balance sheet to deliver substantial value upside and returns for our shareholders,” said Tom Palmer, president and CEO, in a news release. “Working closely with our board of sirectors, we determined that current market conditions, combined with $635 million of expected cash proceeds from the sales of Red Lake and our equity investment in Continental, create a compelling opportunity to initiate our $1 billion share buyback program over the next 12 months whilst we continue to return cash to shareholders through sustainable dividends.”

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