Base metal and precious metal miners fell
On November 2, the stocks related to base metals and precious metal miners moved lower. The PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) fell 1.3% and 2%. The SPDR Gold Shares (GLD) rose 0.73%.
Newmont completes the sale of its stake in PTNNT
Newmont Mining (NEM), the Colorado-based miner, announced the successful completion of its sale of a stake in PT Newmont Nusa Tenggara (PTNNT). Newmont sold its 48.5% economic interest in PTNNT for $1.3 billion to PT Amman Mineral Internasional (PTAMI). Out of the total amount, $920 million is cash payments, while the remaining $403 million is based on higher copper prices in the future and the development of the Elang deposit. Nusa Tenggara Mining Corporation, which has 24.5% ownership in PTNNT, also sold its stake to PTAMI. After these sales, PTNNT’s name changed to PT Amman Mineral Nusa Tenggara (PTAMNT).
Since the beginning of 2016, Newmont rose ~53%. At 11:45 AM EST, Newmont rose ~1.1% to $38.38.