Newmont Announces Closing of Ovacik Sale
Denver, March 1, 2005 – Newmont Mining Corporation (NYSE: NEM) today announced the closing of the sale of its Ovacik mine, located in western Turkey, to a subsidiary of Koza Davetiye, a listed Turkish conglomerate. Consideration for the mine included $20 million paid at closing, and various contingent payments that could total as much as $24.5 million if all conditions precedent are met.
Ovacik produced 110,000 ounces of gold from January to August 2004, when the Ovacik operation was temporarily suspended pending additional permitting requirements.
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