Newmont completes more asset sales, remaining transactions before mid-year
Gold major Newmont has completed the sale of three noncore assets as part of its ongoing portfolio optimisation strategy.
The company on Monday announced the successful divestment of the Musselwhite and Éléonore operations in Canada, as well as the Cripple Creek & Victor (CC&V) operation in the US generating total after-tax cash proceeds of $1.7-billion before closing adjustments.
TSX- and NYSE-listed Orla Mining bought the Musselwhite mine, while UK-based private mining firm Dhilmar bought Éléonore. Denver-based SSR Mining bought the CC&V mine.
President and CEO Tom Palmer said the completion of these transactions marked a milestone in the company’s asset divestment programme, which was initiated in early 2024.
The remaining two asset sales - Akyem in Ghana and Porcupine in Canada – were expected to close in the first half of the year, he added.
Palmer said Newmont expected gross proceeds from the announced divestitures to reach up to $4.3-billion. This included $3.8-billion from noncore asset divestitures and $527-million from the sale of other investments.
Newmont expects to receive up to $1.4-billion in gross proceeds from the remaining two transactions. The sale of Akyem is expected to generate up to $1-billion, comprising $900-million in cash consideration upon closing, with an additional $100-million contingent on certain conditions. The Porcupine operation is expected to bring in up to $425-million, including $200-million in cash consideration and $75-million in equity consideration upon closing, with up to $150-million in deferred cash consideration.
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