Newmont Corporation (Newmont) has announced the completion of its divestiture programme with the sale of three non-core operations.
The divested properties include Musselwhite and Éléonore in Canada, and Cripple Creek & Victor (CC&V) in Colorado, US.
This marks a significant step in Newmont’s strategy to optimise its portfolio by divesting non-core assets.
The company is expected to raise up to $4.3bn in gross proceeds from divestitures, including $3.8bn from the sale of non-core assets and an additional $527m from other investments.
Newmont signed an agreement to sell its Éléonore operations to UK-based private mining company Dhilmar in November 2024.
During the same month, the company signed an agreement with Orla to divest the Musselwhite operations.
Newmont president and CEO Tom Palmer said: “Today, I am pleased to announce the successful divestment of three more of our non-core assets, generating total after-tax cash proceeds of $1.7bn before closing adjustments.
“We look forward to completing the remaining two asset sales and expect to receive an approximate $0.8bn in after-tax cash proceeds during the first half of 2025 [H1 2025] for those assets.
“The closing of these transactions completes a significant portion of our strategic portfolio optimisation, initiated in early-2024, and enables us to further strengthen our investment-grade balance sheet and continue returning capital to shareholders through ongoing share repurchases.”
The company is also planning to finalise the sale of its Akyem operation in Ghana and Porcupine operation in Canada by H1 2025.
The sale of Akyem is projected to generate up to $1bn in gross proceeds, with $900m in cash upon closing and an additional $100m contingent on certain conditions.
The Porcupine operation sale is expected to bring in up to $425m, including $200m in cash and $75m in equity upon closing, along with up to $150m in deferred cash consideration.
