Newmont Reached Agreement to Sell its Eleonore, Quebec Operation

SEATTLE (Scrap Monster): Dhilmar Ltd. has agreed to purchase Newmont Corporation's Eleoneore business in Northern Quebec, Canada, for $975 million in cash. Subject to a few standard closing requirements, the deal is anticipated to close in the first quarter of 2025.

Newmont is happy to be selling the business to Dhilmar, according to Tom Palmer, the company's president and CEO. It thinks Dhilmar will be a great steward of the asset because of its extensive experience in gold and copper mining. In the company's quest to build a future portfolio of Tier 1 gold and copper assets, the deal represents yet another advancement.

Newmont declared earlier in February of this year that it will sell up its non-core assets, which included two projects and six operations from its business segments in Ghana, Australia, and North America. It has already finalized arrangements to sell off one project and four operations. In the first quarter of 2025, Newmont anticipates finishing the sales procedures for its remaining non-core assets in North America.

The corporation has announced gross proceeds of almost $3.6 billion thus far, which includes $527 million from the sale of other interests and $3.1 billion from non-core divestitures.