NEW YORK (TheStreet) -- Shares of Newmont Mining Corp (NEM) were up for the second day in a row following the company's announcement that it had sold its 5.4% equity interest in Paladin Energy.
According to Newmont's Executive VP of Strategic Development Randy Engel, the sale will bring in over $24 million in cash, continuing the company's pledge of "divestment of non core assets". "Newmont will continue to evaluate its holdings and may, from time to time, divest other equity positions and assets under favorable conditions and terms," Engel said.
Newmont obtained its stake in Paladin through a block sale agreement with UBS Australia in 2011.
The Colorado based gold and copper producer was up 1.88% to $25.48 as of the closing bell Thursday.
TheStreet Ratings team rates NEWMONT MINING CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEWMONT MINING CORP (NEM) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."