ben, this doesn't hurt either :) :
PR Newswire, Thursday, September 25, 1997 at 14:06
DENVER, Sept. 25 /PRNewswire/ -- Newmont Gold Company and Compania de
Minas Buenaventura have been advised that the Peruvian Supreme Court has
admitted the "casation petition" filed by BRGM in the case regarding ownership
rights in Minera Yanacocha.
This means that the Court may examine the Superior Court decision on
matters related only to due process of law and/or the correct application of
Peruvian law.
In February of 1997, the Superior Court decision affirmed the right of
Newmont and its partner, Buenaventura, to exercise their preemptive rights to
acquire the 24.7 percent interest in Yanacocha originally held by BRGM, an
agency of the French government. The Court set a purchase price of
$109.3 million, of which Newmont's share is approximately $59 million and
Buenaventura s share is $50.3 million. As a result of that ruling, Newmont's
interest in Yanacocha was increased from 38 percent to 51.35 percent and
Buenaventura's from 32.3 percent to 43.65 percent.
Newmont and Buenaventura have been advised that the Supreme Court could
reach a final decision before the end of this year.
Newmont Gold Company, the world's second largest gold producer, is
94 percent owned by Newmont Mining Corporation. Buenaventura is Peru's
largest publicly-held precious metals producer.
SOURCE Newmont Gold Company
-0- 09/25/97
/CONTACT: Jack H. Morris, of Newmont Mining Corporation, 303-837-5977/ |
