OREANDA-NEWS. Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") today announced it completed the sale of its 44 percent stake in the Penmont joint venture ("Penmont") pursuant to the announcement made by the Company on September 12, 2014 for USD 450 million in cash proceeds. In addition to Newmont's equity interest, Fresnillo plc ("Fresnillo") acquired all assets and liabilities relating to Penmont.

"We are pleased to have completed the sale of our stake in Penmont as part of our ongoing effort to increase shareholder value and further strengthen Newmont's financial flexibility," said Randy Engel, Newmont's Executive Vice President for Strategic Development. "With the closing of this sale, Newmont has generated USD 1.3 billion from divesting non-core assets at fair value, better positioning the Company to fund development of the next generation of profitable operations in our optimized project pipeline."

Penmont produced approximately 183,000 attributable ounces of gold in 2013, and at December 31, 2013 Newmont reported 2.2 million attributable ounces of gold reserves. At December 31, 2013, Newmont recognized net book value of the Penmont joint venture totaling approximately USD 365 million.

Founded in 1921 and publicly traded since 1925, Newmont is a leading producer of gold and copper. Headquartered in Colorado, the Company has approximately 29,000 employees and contractors, with the majority working at managed operations in the United States, Australia, New Zealand, Peru, Indonesia and Ghana. Newmont is the only gold company listed in the S&P 500 index and in 2007 became the first gold company selected to be part of the Dow Jones Sustainability World Index. Newmont is an industry leader in value creation, supported by its leading technical, environmental, and health and safety performance.