Newcrest Mining Limited
(ASX:NCM) has announced it will sell its 50 percent interest in the Hidden Valley gold mine in PNG to South Africa’s Harmony Gold Mining Company.
The sale also includes exploration tenements near to the existing mine.
Newcrest has indicated it expects to recognize a loss on the sale of approximately US$10 million.
Newcrest’s decision to exit the mine came on the back of a strategic review, with the company to focus instead on profitable growth at its other assets.
Newcrest Mining Limited reported a net profit of $451.1 million at 30 June 2016.
