Newmont unveils sale of 9.4% stake in Orosur Mining
Newmont Corp. [NGT-TSX, NEM-NYSE, ASX, PNGX] has announced the sale of its Orosur Mining Inc. [OMI-TSX, AIM] common shares.
The U.S. gold mining giant said it has disposed of 29.1 million common shares in a private transaction for 19 cents per share, generating gross proceeds of $5.5 million. That amount represented Newmont’s entire holding in Orosur, amounting to a 9.4% interest. As a result of this disposition, Newmont no longer holds any share in Orosur. Newmont said the shares were sold for investment purposes.
News of the sale comes after Newmont recently announced the sale of shares in Greatland Resources Ltd. [GGP-ASX, AIM] and Discovery Silver Corp. [DSV-TSX, DSVSF-OTCQX] for $470 million cash, net of taxes and commissions.
The share sale follows Newmont’s February 2024, announcement that it intended to divest certain “high-quality non-core assets.” The divestiture program is expected to generate US$3.0 billion this year
Orosur was in the news recently when the company said it had arranged to raise gross proceeds of up to $5.0 million from a private placement of up to 29.4 million units priced at 17 cents per unit. The company said it intended to use the net proceeds of the offering to advance its Anza exploration project in Colombia.
Anza is a gold exploration project, consisting of three exploration licenses, a small exploitation permit and a large number of licence applications covering 399 square kilometres, in the prolific Mic-Cauca belt of Colombia. Orosur is also active in Argentina and Nigeria.
Anza is now 100% owned by the company following completion of a share purchase agreement announced back in November, 2024, whereby the company purchased all of the shares of its previous joint venture partner Minera Monte Aguila (MMA), a joint venture between two of the world’s largest gold miners, Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) and Newmont Corp. [NGT-TSX, NEM-NYSE, ASX, PNGX].
On Friday, Orosur rose 2.56% or $0.005 to 20 cents. The shares trade in a 52-week range of 30.5 cents and $0.04.
The Anza project is located 50 kilometres west of Medellin and 60 kilometres south of the giant Buritica deposit which was recently acquired by Chinese firm Zijin Mining Group Co. Ltd. for $1.4 billion via a takeover of Continental Gold Inc.
The project is easily accessible by all-weather roads and boasts excellent infrastructure, including water, power and communications as well as a large exploration camp.
From September 2018 to November 2024, the Anza project was under the control of Orosur’s previous joint venture partner Monera Monte Aguila (MMA).
The company is currently focused on three prospects within the Anza Project – Pepas, APTA and El Cedro. All three prospects are within the same granted exploration title that is broken into two, non-contiguous pieces. Drilling is currently being undertaken at the Pepas prospect. Drilling highlights include PE044, which returned 38.5 metres of 6.01 g/t gold, and PEP045, which returned 62.3 metres at 12.76 g/t gold.