Newmont applies for voluntary delisting from Toronto Stock Exchange
Sept 10 (Reuters) - Newmont NEM.N has applied for a voluntary delisting of its common shares from the Toronto Stock Exchange due to low trading volumes, the world's top gold miner said on Wednesday.
The move, expected to be effective on or about the close of trading September 24, is likely to improve the administrative efficiency and reduce costs.
The company will maintain its primary listing on the New York Stock Exchange. It will also support its listings on the Australian Securities Exchange and the Papua New Guinea Stock Exchange.
Last year, the miner had announced plans to divest non-core assets, trim workforce and cut debt following its $17.14 billion acquisition of Australian firm Newcrest.
Bloomberg News reported in August that Newmont has set a target of reducing costs by $300 per ounce, which could lead to thousands of layoffs.
The company said on Wednesday it does not intend to seek security holder approval in relation to the delisting, as the shares currently trade on alternative markets.
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