Newcrest sells balance stake in Evolution

Newcrest has raised $125 million since June 30 from the sale of its remaining stake in Evolution, and will use the proceeds to reduce debt.

Australia's largest gold miner Newcrest Mining has sold off its remaining stake in rival gold producer Evolution.

Newcrest said it has netted $125 million from the sale since June 30, and has used the proceeds to pay down debt.

The miner had previously sold down more than half of its 32 per cent stake in Evolution, in February for $106 million.