Newmont Mining appears to have drawn a line under its accidental investment in Paladin Energy, last night trying to sell its 52 million shares in the Perth uranium miner for 52.5ï¿½ each.
It will mark the end of a three-year reign as one of Paladin's biggest shareholders, the by-product of Newmont's takeover of Fronteer Gold in 2011. Fronteer was a Paladin shareholder.
At the time of Newmont's $2.2 billion Fronteer takeover, Paladin's shares were trading at $5.34 and the stake Newmont inherited was worth $278 million.
Newmont had already written off much of the Paladin stake after the uranium miner's shares started falling in the wake of the Fukushima nuclear disaster, just months after the Fronteer deal.
Newmont will receive gross proceeds of $27.3 million if it is successful in offloading its Paladin stake at 52.5Â¢ a share.
Paladin shares yesterday closed down 2Â¢ at 55.5Â¢ but have recovered sharply since slumping to 38.5Â¢ late last year on fears over its ongoing viability.