Newmont Takes 6.7% Stake in Paladin

The world's second largest gold producer, Newmont Mining Corporation (ASX:NEM), has taken a 6.7 percent stake in uranium miner Paladin Energy (ASX:PDN), after completing the takeover of Canada's Fronteer Gold. Newmont rose $0.08 to $57.32 per share and gained 52.1 million shares in Paladin, according to a holders' notice on Wednesday.

Paladin shares have declined 24 percent since the Japan quake and tsunami, but Paladin added five cents, or 1.42 percent to close at $3.58 at 4:10 pm Wednesday, compared with a 0.3 percent gain in the S&P/ASX 200. Gold stock and Newmont stability resulted from gold bullion increasing to $5.92 to $1,458.94 per ounce. The S&P/TSX Global Gold Index rose 0.6% to 403.50.