Newmont sells Musselwhite operation for up to $1.3b
Make us a preferred source
Make us a preferred source on Google
The news: Newmont has sold its Musselwhite operation in Canada to Orla Mining for up to USD850 million ($1.3 billion).
The numbers: Newmont will receive a cash consideration of USD810 million upon closing and up to $40 million in contingent payments.
The gold miner said the transaction was expected to close in the first quarter of 2025.
The context: Newmont said the sale was part of the non-core asset divestment program which includes six operations and two projects from its Australian, Ghanaian and North American business units.
What they said: The company's president and chief executive Tom Palmer said: "The announced divestitures are expected deliver up to $2.9 billion in gross proceeds to support Newmont's capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders".
The source: ASX announcement
