Newmont sells Éléonore mine to UK-based Dhilmar for $1.2b
Make us a preferred source
Make us a preferred source on Google
The news: Gold mining giant Newmont Corporation has agreed to sell its Éléonore gold mine in northern Quebec, Canada, to UK-based miner Dhilmar for USD795 million ($1.22 billion).
The numbers: The deal is expected to close in the first quarter of 2025 subject to certain conditions being satisfied.
When Newmont announced the acquisition of Newcrest last year, the miner committed to generating at least USD2 billion in cash through portfolio optimisation. Following the sale of Éléonore, Newmont will have delivered up to USD3.6 billion in gross proceeds from non-core asset divestitures and investment sales.
The context: 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.
Newmont said that definitive agreements are now in place to divest four operations and one project, while the miner is focused on completing the sales processes for its remaining North American non-core assets, which are expected to conclude in the first quarter of 2025.
Since September, Newmont has announced the USD475 million sale of its Telfer mine and 70% interest in the Haverion project, the USD1 billion sale of its Akyem operation, and the USD850 million sale of its Musselwhite gold mine.
What they said: "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," Newmont president and chief executive Tom Palmer said.
The source: ASX announcement
