Global miner Newmont Corp. has completed the previously disclosed sales of the Musselwhite and Éléonore operations in Canada and the Cripple Creek & Victor operation in the United States, as part of a divestment plan of non-core assets.
Orla Mining purchased the Musselwhite gold mine in Ontario for an upfront cash consideration of $810 million and gold-price linked contingent consideration of $40 million. UK-based Dhilmar obtained the Éléonore operation in northern Quebec for $795 million in cash consideration. Meanwhile, the Cripple Creek & Victor mine in Colorado was sold to SSR Mining for up to $275 million in cash consideration.
“Today, I am pleased to announce the successful divestment of three more of our non-core assets, generating total after-tax cash proceeds of $1.7 billion before closing adjustments,” said Tom Palmer, Newmont president and CEO.
“We look forward to completing the remaining two asset sales and expect to receive an approximate $0.8 billion in after-tax cash proceeds during the first half of 2025 for those assets. The closing of these transactions completes a significant portion of our strategic portfolio optimization, 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.”
Newmont said total gross proceeds from announced divestitures are expected to total up to $4.3 billion, which includes $3.8 billion from non-core divestitures and $527 million from the sale of other investments.
The miner said it expects to close the sale of its Akyem operation in Ghana and its Porcupine operation in Canada during the first half of 2025.
Source: Newmont