Shares in Paladin Energy Limited
(ASX:PDN) have fallen after news broke one of the world's largest gold producers Newmont Mining Corporation (NYSE:NEM) has sold a 5.4 per cent stake.
Newmont says the sale will generate more than $24 million in cash for the company and is inline with its strategy to divest non-core assets.
Newmont acquired the interest in the uranium producer following its acquisition of Fronteer Gold in 2011. At the time of acquisition the stake was valued at about $278 million but Paladin’s share price was struck shortly after by the Fukushima nuclear disaster.
Shares in Paladin Energy had fallen 4.5 per cent this morning and were trading at $0.53.
Paladin Energy reported a net loss of $338 million in the first half of the 2014 financial year.
