Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Newmont Mining(NEM) & Newmont Gold(NGC) -- Ignore unavailable to you. Want to Upgrade?

To: Amelia Carhartt who wrote (5)	6/6/1998 12:49:00 PM
From: Squidman	Respond to of 587

Peruvian Court Renders Final Decision in Favor Of Newmont,Buenaventura on Preemptive Rights June 5 /PRNewswire/ -- Newmont Gold Company (NYSE: NGC) and Compania de Minas Buenaventura S.A. were advised today that the Supreme Court of Peru has ruled in their favor in the preemptive rights litigation against BRGM, an agency of the French government, concerning ownership of Minera Yanacocha. Following a hearing May 19, the seventh judge of the Supreme Court of Peru declared BRGM's appeal unfounded and voted to uphold the decision of the Superior Court of Lima. This final court decision affirms rulings by the trial court of the Fifth Civil Court of Lima and the Eighth Court of the Superior Court of Lima over the past three years determining Newmont and Buenaventura had the right to acquire BRGM's 24.7 percent interest in Minera Yanacocha for $109.3 million.Newmont's share of the purchase price is approximately $59 million. In February 1997, when the Superior Court affirmed the trial court decision, Newmont consolidated its interest in Minera Yanacocha, increasing its ownership to 51.35 percent from 38 percent. No further accounting adjustments are necessary. Newmont Gold Company is 94 percent owned by Newmont Mining Corporation. SOURCE Newmont Gold Company