
Newmont has agreed to sell its Éléonore operation in Northern Quebec, Canada, to UK-based Dhilmar for $795 million in cash consideration as part of the miner’s plan to divest its non-core assets.
“Today’s announcement is another step forward in Newmont’s journey to create a go-forward portfolio of Tier 1 gold and copper assets, each with the scale and mine life to generate strong free cash flows for several decades,” said Tom Palmer, Newmont president and chief executive officer.
“When we announced the acquisition of Newcrest in 2023, we committed to generating at least $2 billion in cash through portfolio optimization. With this announced sale, we have meaningfully exceeded our target by more than $1.5 billion to date. Proceeds from this transaction will support Newmont’s comprehensive approach to capital allocation, which includes strengthening our investment-grade balance sheet and returning capital to shareholders.”
Palmer added, “We are pleased to be selling this operation to Dhilmar. They have a wealth of experience in gold and copper mining and we believe Dhilmar will be excellent stewards of this asset.”
The transaction is expected to close in the first quarter of 2025.
Éléonore, located in Eeyou Istchee/James Bay, is among the largest gold mines in Quebec.
Source: Newmont