Newmont - Interests in Metallica Resources Inc., Echo Bay Mines Ltd. And Banff Resources Ltd.
DENVER, April 3 /CNW/ -- Newmont Mining Corporation
(NYSE: NEM; ASX) (TSE: NMC) disclosed today that as a result of its
acquisition of Franco-Nevada Mining Corporation Limited, which is now known as
Newmont Mining Corporation of Canada Limited ("Newmont Canada") pursuant to a
plan of arrangement and its acquisition of a controlling interest in Normandy
Mining Limited pursuant to an off-market bid, in February it acquired indirect
interests in Metallica Resources Inc. and Echo Bay Mines Ltd., in which
Newmont Canada already held interests, and Banff Resources Ltd., in which
Normandy already held an interest.
Through Newmont Canada and another indirect subsidiary, Minera Santa Fe
Mexico S. A. de C. V., Newmont holds an aggregate interest in 3,749,932 common
shares of Metallica, representing approximately 13.6% of the common shares
outstanding. Through Newmont Canada, Newmont holds an interest in
244,994,150 common shares of Echo Bay, representing approximately 48.8% of the
common shares outstanding. These shares of Echo Bay were issued to Newmont
Canada upon the conversion of $67 million principal amount of capital
securities in connection with the reorganization of Echo Bay that was
completed on April 3 2002.
Through Normandy LaSource SA, a wholly owned subsidiary of Normandy,
Newmont holds an interest in 55,210,984 common shares of Banff, representing
approximately 85% of the common shares outstanding.
At this time, Newmont does not intend to increase its interests in
Metallica, Echo Bay or Banff. |
