Newmont Subsidiary Repays Outstanding Balance on Revolving Credit Facility
Newmont Mining Corp. (NYSE: NEM) (Newmont or the Company) today announced its Indonesian subsidiary PTNNT repaid the remaining $190 million balance under its Revolving Credit Facility due in 2017. Year-to-date, Newmont has reduced its consolidated debt by more than $1.1 billion.
“Repayment of the PTNNT Credit Facility is an important step in completion of the sale of PTNNT,” said Laurie Brlas, Executive Vice President and Chief Financial Officer. “The remaining balance of $190 million was paid from cash held at the subsidiary. We expect that the sale of PTNNT will close later this quarter or early in the fourth quarter. Newmont continues to evaluate options for optimizing the best uses of cash, including investing in profitable new production, repaying debt and returning capital to shareholders.”
Since 2013, Newmont has generated $1.9 billion in fairly valued asset sales, which will increase to $2.8 billion upon closing of the sale of PTNNT.
About Newmont
Newmont is a leading gold and copper producer. The Company’s operations are primarily in the United States, Australia, Ghana, Peru, Indonesia and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015 and 2016. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.
Cautionary Statement
This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements may include, without limitation, expectations with respect to the closing of the sale of PTNNT, receipt of expected proceeds, future use of cash, future investment, future debt repayment and future return of capital to shareholders. Where Newmont expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors. Investors are cautioned the sale of PTNNT remains contingent on the receipt of regulatory approvals, buyer shareholder approval, and satisfaction of other conditions precedent, including, without limitation, government approval of the PTNNT share transfer, maintenance of valid export license at closing, the concurrent closing of the PTMDB sale of its 24 percent stake to the buyer, resolution of certain tax matters, and no occurrence of material adverse events that would substantially impact the future value of Batu Hijau. Potential additional risks include other political, regulatory or legal challenges and community and labor issues. As such, actual outcomes may differ materially from those anticipated by the forward-looking statements. For a discussion of additional risks which may impact the Company, see the Risk Factors section in Newmont’s 2015 Annual Report on Form 10-K, which is on file with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov, as well as Newmont’s other recent SEC filings. Newmont does not undertake any obligation to publicly issue revisions to any “forward-looking statement,” to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160913006653/en/
Contact
Newmont Mining Corporation
Investor Contact
Meredith Bandy, 303-837-5143
meredith.bandy@newmont.com
or
Media Contact
Omar Jabara, 303-837-5114
omar.jabara@newmont.com