NEWMONT MINING CORP REDUCES STAKE IN PEABODY
Newmont Mining Corp said it completed
the previously announced reduction of its share in <Peabody
Holding Co Inc> to 49.97 pct from 61.47 pct.
    Newmont realized 116.8 mln dlrs in the transaction.
    For 1986, Newmont reported net income of 74.2 mln dlrs.
Peabody, the largest coal producer in the U.S., had net income
of 100.8 mln dlrs on sales of 1.4 billion dlrs in 1986.
    Newmont doubled its ownership in Peabody in January by
purchasing 30.74 pct interest held by the Williams Cos for 320
mln dlrs.
    The reduction resulted from completion of an earlier
announced agreement by Peabody to sell a 15.01 pct interest in
the company to Eastern Gas and Fuel Associates in exchange for
all the coal properties owned by Eastern.
 Reuter
