NEWMONT MINING CORP. $23(New York symbol NEM; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 498.8 million; Market cap: $11.5 billion; Price-to-sales ratio: 1.5; Dividend yield: 0.4%; TSINetwork Rating: Average; www.newmont.com) has sold its 44% stake in a joint venture that owns the La Herradura gold mine in northern Mexico.
The company received $450 million for its stake. Including this sale, Newmont has now raised $1.3 billion by selling less important assets in the past year. That frees up cash for more promising projects, such as its Merian gold mine in Suriname, which will cost $1 billion and should open in late 2016. Merian’s reserves should last 11 years.
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