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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (20070)	9/29/1998 1:04:00 PM
From: Bill Grant	Respond to of 116800

Newmont Mining to Buy Newmont Gold Stake for $253 Mln (Update1) Bloomberg News September 29, 1998, 9:37 a.m. PT Newmont Mining to Buy Newmont Gold Stake for $253 Mln (Update1) (Adds per-share value of transaction in 1st paragraph.) Denver, Sept. 29 (Bloomberg) -- Newmont Mining Corp., the second-largest gold producer, said it will acquire the 6.25 percent of operating unit Newmont Gold Co. that it doesn't own for $253 million in stock, or $24.22 a share. Newmont Mining will swap 1.025 shares for each Newmont Gold share, and issue a total of 10.7 million shares. Newmont Gold last traded at 25 3/8 before being halted. Newmont Mining shares last traded at 23 5/8. Denver-based Newmont Mining's only asset is its stake in Newmont Gold. The two publicly traded companies have reported the same earnings per share and dividends since they consolidated their operations in 1994. The transaction doesn't require a vote of shareholders of either company and is expected to save about $485,000 a year in administrative costs, Newmont Mining said. --Jeanie Stokes in Denver (303) 220-4799 through the Princeton