 has agreed to sell its Musselwhite operation in Ontario, Canada, to Orla Mining for up to $1.3b (US$850m) as part of its push to divest from non-core assets.){kind=link}
Newmont to sell Musselwhite for $1.3b
CANADA — Newmont (ASX: NEM) has agreed to sell its Musselwhite operation in Ontario, Canada, to Orla Mining for up to $1.3b (US$850m) as part of its push to divest from non-core assets.
Under the terms of the agreement, Newmont will receive cash consideration of about $1.2b (US$810m) upon closing and up to about $61m (US$40m) in contingent payments.
The transaction is expected to close in Q1 CY25, subject to certain conditions being satisfied.
Upon closing the announced transactions, Newmont will have surpassed its target of delivering more than $3b (US$2b) in gross proceeds from non-core divestitures.
Newmont president and chief executive officer Tom Palmer says the company is pleased to be selling its Musselwhite operation to Orla and has full confidence that they will continue to operate responsibly, while maintaining strong partnerships with the mine’s workforce and local and Indigenous communities.
“Today’s announcement signifies Newmont’s continued progress toward building our go-forward portfolio and delivering on the transaction commitments we made at the beginning of the year,” he said.
“The announced divestitures are expected deliver up to [$4.45b (US$2.9b)] in gross proceeds to support Newmont’s capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders.”