Photo: Newmont
In the final months of 2024, Newmont agreed to sell two of its gold mines as part of a plan to divest its non-core assets.
Newmont has agreed to sell its Musselwhite gold mine in Ontario, Canada, to Vancouver-based Orla Mining for up to US$850 million in total consideration. Musselwhite is a fly-in, fly-out operation located approximately 500 kilometers north of Thunder Bay.
Under the terms of the agreement, Newmont will receive cash consideration of $810 million upon closing and up to $40 million in contingent payments.
The miner also agreed to sell its Éléonore operation in Northern Quebec, Canada, to UK-based Dhilmar for $795 million in cash consideration. Éléonore is among the largest gold mines in Quebec.
“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,” said Tom Palmer, Newmont president and chief executive officer.
Both transactions are expected to close in the first quarter of 2025.