Hanson sells Newmont shares

Acquisition from Hanson PLC of London of a 42% interest in Newmont Mining (NYSE) for US$1.1 billion has been completed, General Oriental Investments of Grand Cayman Islands reports. At the same time, General Oriental completed the sale of its 85% interest in Cavenham Forest Industries, a U.S. lumber producer, to Hanson for the same price.

General Oriental says it is now primarily an investment company and that it intends to reduce, as market conditions permit, its holdings in Newmont so as to further diversify its investments.

Hanson has a 49% interest in Newmont Mining, which owns 90.1% of Newmont Gold (NYSE). An earlier report (T.N.M., Oct. 22/90) indicated Hanson will sell its remaining 7% interest in Newmont to a subsidiary of British firm St. James’s Place Capital.