Newmont to Sell Musselwhite Operation in Ontario

SEATTLE (Scrap Monster): The sale of Newmont Corporation's Musselwhite operation in Ontario, Canada, to Orla Mining Ltd. has been finalized. The transaction's total consideration is around $850 million. If certain usual conditions are met, the transaction is anticipated to close in the first quarter of 2025.

As per the agreement, Newmont will get up to $40 million in contingent payments in addition to $810 million in cash consideration at closing. Through the deal, Newmont will be able to exceed its goal of delivering over $2 billion in gross proceeds from non-core divestitures. The company had chosen to sell its non-core assets, which included two projects and six activities from its North American, Australian, and Ghanaian business groups, in accordance with the divestiture plan that was revealed in February of this year.

Newmont is happy to sell its Musselwhite business to Orla, according to Tom Palmer, the company's president and chief executive officer. He said he hoped Orla will keep up its ethical business practices while preserving close ties with the mine's employees as well as the local and indigenous populations.

Goodmans LLP served as the transaction's legal adviser, while BMO Capital Markets served as its financial adviser.