Peter Toth, Executive Vice President and Chief Development Officer of Newmont Corp (NYSE:NEM), a $45.2 billion market cap gold mining company currently trading slightly below InvestingPro's Fair Value estimate, has sold 3,000 shares of the company's common stock. The shares were sold at a price of $40 each, resulting in a total transaction value of $120,000. Following this sale, Toth maintains ownership of 82,596 shares in the company. The transaction was conducted under a Rule 10b5-1 trading plan established on June 3, 2024. Notably, while this insider sale occurred, the company offers a 2.55% dividend yield and management has been actively buying back shares. For comprehensive insider trading analysis and additional insights, InvestingPro subscribers have access to detailed research reports.
In other recent news, Newmont Corporation has been involved in a series of strategic moves. The company has initiated a significant restructuring process, including the dismissal of a number of senior managers, as part of a broader corporate overhaul aimed at consolidating its business units and improving operational efficiency. Newmont has also agreed to sell its Cripple Creek & Victor operation in Colorado to SSR Mining (NASDAQ:SSRM) Inc. for a potential total of $275 million in cash, part of its ongoing strategy to divest non-core assets.
Newmont has additionally entered into an agreement to sell its Musselwhite mine in Ontario, Canada, to Orla Mining Ltd for up to $850 million. This is expected to contribute to Newmont's goal of garnering more than $2 billion from the sale of non-core assets. On the personnel front, Newmont has appointed Brian Tabolt as its new Chief Accounting Officer and Group Head of Finance.
Despite a downgrade from UBS from Buy to Neutral due to disappointing third-quarter results and lowered medium-term production forecasts, Newmont's Q3 2024 financial results showed a steady gold production and a focus on cost management. These recent developments represent a snapshot of Newmont's strategic moves and financial health.
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