Newmont Corporation Announced Divestment of Non-Core Assets

The transaction is expected to close in Q4 this year, subject to the satisfaction of necessary conditions.

SEATTLE (Scrap Monster): Colorado, U.S.-headquartered Newmont Corporation announced its decision to sell certain operations in Australia, as part of its ongoing strategy to divest non-core assets.

The firm and Greatland Gold PLC have come to an agreement for the sale of the company's entire Telfer operation, its 70% stake in the Havieron gold-copper project, and other connected interests in the Paterson region. The transaction is anticipated to finalize in Q4 of this year, provided all requirements are met.

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Under the terms of the deal, Newmont will get up to $475 million in gross proceeds. This comprises, at closure, a $207.5 million cash payment and a $167.5 million equity consideration in the form of Greatland shares. A delayed contingent monetary consideration of up to $100 million is also included.

Tom Palmer, Newmont’s President and Chief Executive Officer commented that the transaction represents the first asset sale in the divestiture program announced in February. The company expects the total proceeds from the planned sale of its high-quality, non-core assets to reach at least $2 billion, he added.

Newmont Corporation said that it remains firmly on track to deliver on its 2024 commitments. 

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