Newmont Mining Corp. said Friday that it has agreed to sell its royalty assets and other non-core investments to a Canadian mining company for about $1.3 billion.
Denver-based Newmont, one of the world’s largest gold companies, said the sale is part of an initiative announced earlier this year to monetize parts of its royalty and equity portfolio to fund development of its core business.
The buyer, Canada’s Franco-Nevada Corp., is a royalty company that invests in mine operations globally.
Newmont said it expects to record a pretax gain from discontinued operations of nearly $1 billion in the fourth quarter.
In connection with the asset sale, Pierre Lassonde resigned from Newmont’s board and will serve as nonexecutive chairman of Franco-Nevada’s board of directors.
