Newmont divests Cripple Creek & Victor gold mine for $275m
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The news: Gold mining giant Newmont Corporation has agreed to sell its Cripple Creek & Victor (CC&V) operation in Colorado to US-based SSR Mining for up to $275 million in cash consideration.
The numbers: Newmont said it will have delivered up to $3.9 billion in gross proceeds from non-core asset divestitures and investment sales upon closing the deal.
The context: The transaction is expected to close in the first quarter of 2025, subject to certain conditions being satisfied.
In February, Newmont announced its intention to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units.
Since September, Newmont has announced the sale of its Telfer, Haverion, Akyem, Musselwhite and Éléonore projects.
What they said: "We are excited to announced the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets," Newmont president and chief executive Tom Palmer said.
"We are confident that SSR has the capability to deliver the next phase of life for CC&V, the employees who work these, and local stakeholders."
The source: ASX announcement
