Capital Group Buys 5% of Newcrest Mining for A$563 Million

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Capital Group Buys 5% of Newcrest Mining for A$563 Million

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By Rebecca Keenan

 

Dec. 19 (Bloomberg) -- Capital Group Cos., the largest U.S. manager of stock and bond mutual funds, bought a 5 percent stake in Australian gold producer Newcrest Mining Ltd. for A$562 million ($389 million).

 

Capital Research and Management Co., part of the Los Angeles- based global investment manager, bought 22.9 million shares at an average price of A$24.54 from Aug. 18 to Dec. 17, according to a statement sent to the Australian stock exchange. It now holds 5.06 percent of the Perth-based company.

 

Newcrest is Australia’s biggest gold mining company.