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Newmont sells stake in Swiss gold refinery for US$119m

July 28, 2015 • Mining & Resources

Leading gold and copper producer Newmont Mining Corporation has announced that it has sold its equity stake in the Valcambi gold refinery in Switzerland to a subsidiary of Rajesh Exports Ltd (“REL”) – a leading gold jewellery manufacturer and one of the largest direct gold consumers in the world. REL is also a longstanding customer of Valcambi.

400-oz-Gold-Bars-AB-01

Image credit: Wikimedia Commons

Valcambi is one of the world’s largest gold and silver refineries, with a significant manufacturing business.

According to the official news release, the sale further strengthens Newmont’s balance sheet and boosts the company’s focus on its core businesses.

“Since mid-2013, we have executed $1.6 billion in non-core asset sales, allowing us to further pay down debt, invest in new, profitable production and return capital to shareholders,” said Randy Engel, Executive Vice President for Strategic Development.

Newmont first acquired its equity interest in the Valcambi refinery in 2004 from Credit Suisse.

Founded in 1921, Newmont has mining operations all over the world, including the US, Australia, Indonesia and Ghana.

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