{"id":9449,"date":"2025-01-28T14:58:45","date_gmt":"2025-01-28T14:58:45","guid":{"rendered":"https:\/\/northamericanmining.com\/?p=9449"},"modified":"2025-01-28T14:58:49","modified_gmt":"2025-01-28T14:58:49","slug":"newmont-offloads-porcupine-operation","status":"publish","type":"post","link":"https:\/\/northamericanmining.com\/index.php\/2025\/01\/28\/newmont-offloads-porcupine-operation\/","title":{"rendered":"Newmont offloads Porcupine operation"},"content":{"rendered":"
\"\"
Photo: Newmont<\/em><\/figcaption><\/figure>\n\n\n

Newmont has agreed to sell its Porcupine gold operation in Ontario, Canada, to Discovery Silver for up to $425 million in total consideration. The transaction is part of the miner\u2019s ongoing program to divest its non-core assets.<\/p>\n\n\n\n

\n

\u201cToday\u2019s announcement represents a significant milestone for Newmont as we have agreed to sell the final non-core operation from our divestiture program,\u201d said Tom Palmer, Newmont\u2019s President and Chief Executive Officer. <\/p>\n<\/blockquote>\n\n\n\n

\u201cWe have full confidence that Discovery\u2019s leadership team will continue to operate Porcupine responsibly, leveraging their extensive experience and history in the area. Including the Porcupine divestiture, we expect to generate up to $4.3 billion in total proceeds from the announced sales of our high-quality non-core assets and investments, enabling us to further reduce debt and return capital to shareholders.\u201d<\/p>\n\n\n\n

Under the terms of the agreement, Newmont expects to receive gross proceeds of up to $425 million, which includes cash consideration of $200 million, due upon closing; equity consideration of $75 million in the form of Discovery shares, to be issued upon closing; and<\/p>\n\n\n\n

deferred cash consideration of $150 million.<\/p>\n\n\n\n

The transaction is expected to close in the first half of 2025, subject to certain conditions being satisfied.<\/p>\n\n\n\n

Located in and around the City of Timmins, the Porcupine district has produced more than 68 million ounces since 1910.<\/p>\n\n\n\n

Source: <\/em>Newmont<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Newmont has agreed to sell its Porcupine gold operation in Ontario, Canada, to Discovery Silver for up to $425 million in total consideration. The transaction is part of the miner\u2019s ongoing program to divest its non-core assets. \u201cToday\u2019s announcement represents a significant milestone for Newmont as we have agreed to sell the final non-core operation from our divestiture program,\u201d said…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[495],"tags":[1134,1190],"coauthors":[1644],"class_list":["post-9449","post","type-post","status-publish","format-standard","hentry","category-latest-news","tag-gold-operation","tag-newmont"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t