Newmont sells Triple Flag Precious Metals stock for $179 million
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(Kitco News) - Newmont (NYSE: NEM) announced today that it completed the sale of its common shares of Triple Flag Precious Metal on the open market for $179 million in net proceeds.
Newmont said the sale was to streamline and optimize its equity portfolio
Newmont’s equity interest in Triple Flag originated through the formation of a strategic partnership with Maverix Metals in 2018. Following the Goldcorp acquisition, Newmont sold additional royalties to Maverix in 2020, which resulted in Newmont owning 42.0 million common shares of Maverix and 5.0 million purchase warrants. In January 2023, Triple Flag completed the acquisition of Maverix, and Newmont received 15.1 million common shares and 1.8 million purchase warrants of the combined company. Prior to the completion of the sale, Newmont held approximately 7.5 percent of the issued and outstanding common shares of Triple Flag for investment purposes.