World’s largest gold mining company Newmont Corporation has agreed to sell its Porcupine mine in Ontario, Canada to Discovery Silver Corp for a total of $425 million.
The sale of this project follows the string of divestments of Newmont’s other non-core assets after the acquisition of Newcrest in 2023. Including the Porcupine divestiture, the company expects to generate up to $4.3 billion from the announced sales of non-core assets to reduce debt and return capital to shareholders.
The transaction is expected to close in the first half of 2025, subject to certain conditions. Newmont will receive $200 million in cash, $75 million in the form of Discovery shares, and $150 million in deferred cash consideration.
“Today’s announcement represents a significant milestone for Newmont as we have agreed to sell the final non-core operation from our divestiture program. The sale is part of Newmont’s ongoing program to divest non-core assets as we make a strategic shift to focus on our Tier 1 assets,” said Tom Palmer, Newmont’s president and CEO.
“We have full confidence that Discovery’s leadership team will continue to operate Porcupine responsibly, leveraging their extensive experience and history in the area.”
In addition to the Porcupine project, Newmont has sold several other mines and operations after merger with Newcrest, including a 70% stake in the Havieron project for $475 million; Akyem operation for up to $1 billion; Musselwhite mine for $850 million; Éléonore operation for $795 million; CC&V project for $275 million; and $527 million from the completed sale of other investments.
Theodor Lisovoy, Managing Editor, Rough&Polished
