Newmont has completed the previously announced divestment of its Akyem operation in the Republic of Ghana and its Porcupine operation in Canada.
The divestitures are part of Newmont’s non-core asset divestiture programme, which is projected to generate up to $4.3bn in gross proceeds, including $3.8bn from non-core assets and $527m from other investment sales.
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More than $2.5bn in cash proceeds have been received so far in 2025. Earlier this year, Newmont raised $1.7bn in cash proceeds through the sale of three non-core operations in the US.
Newmont president and CEO Tom Palmer said: “Today, I am pleased to announce the successful completion of our non-core asset divestiture programme with the sale of Akyem and Porcupine, generating total after-tax cash proceeds of approximately $850m before closing adjustments.
“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the programme announced in early 2024. With the cash proceeds received this year, we remain committed to continuing to strengthen our balance sheet and return capital to shareholders through ongoing share repurchases.”
The Akyem operation was sold to Zijin Mining Group for a cash consideration of up to $1bn (7.31bn yuan).
The sale of the Porcupine operation in Ontario, Canada, to Discovery Silver involved a $200m (C$277.62m) cash payment and the issuance of approximately 119.7 million Discovery common shares.
These shares, representing a 15% interest in Discovery Silver, are held by Goldcorp, a wholly owned subsidiary of Newmont.
Additionally, Discovery will pay Newmont $150m in deferred cash over four years, starting from 31 December 2027.
Discovery CEO Tony Makuch said: “With the closing of the Porcupine acquisition, Discovery moves forward as a diversified North American precious metals company, combining growing gold production in a highly prolific gold camp in Northern Ontario, Canada, with our Cordero project, one of the world’s largest silver development projects based on reserves and expected production.”
