Newmont Corporation, world’s leading gold company and a producer of copper, zinc, lead, and silver, has announced a deal to sell some of its Australian mines and related interests to Greatland Gold.
According to the company, the transaction is set to close in the fourth quarter of 2024, subject to certain conditions. Under the terms of the agreement, it will offload its Telfer operation, a 70% stake in Havieron gold-copper project and other smaller operations, for $475 million.
The sum includes cash payment of $207.5 million, $167.5 million worth of Greatland shares, and deferred contingent cash payment of up to $100 million.
Last year, Newmont completed the acquisition of another gold miner Newcrest for approximately $15 billion. It also announced plans to sell six non-core assets, including its Éléonore mine in Quebec, the Musselwhite and Porcupine mines in Ontario, the Coffee project in the Yukon Territory and its 70% stake in the Havieron joint venture in Western Australia.
"The transaction announced today represents the first asset sale in the divestiture program announced in February. I am pleased that Telfer and Havieron are being sold to Greatland, a company with a highly experienced management team and board of directors. I have full confidence that the Greatland team will be outstanding stewards of these assets”, said Tom Palmer, Newmont's president and CEO.
"Including the Telfer divestiture, we continue to expect to reach at least $2 billion in total proceeds from the sale of our high-quality, non-core assets, enabling us to focus attention on our suite of Tier 1 assets, further reduce debt, and return capital to shareholders.”
Theodor Lisovoy, Managing Editor, Rough&Polished
