Newmont’s $475m Telfer & Havieron sale to Greatland Gold

Newmont Corporation (ASX: NEM) has agreed to sell the Telfer operation, its 70% interest in the Havieron gold-copper project about 45km away and other related interests in WA’s Paterson region to Greatland Gold plc for up to $475m.

London Stock Exchange-listed Greatland Gold discovered Havieron in 2018 and currently has a 30% stake in it, with the company requesting Newmont fix Telfer’s leaky tailings dams as part of the deal.

Newmont president and chief executive Tom Palmer this transaction announced represents the first asset sale in the divestiture program announced in February.

“I am pleased that Telfer and Havieron are being sold to Greatland, a company with a highly experienced management team and board of directors,” he said.

“I have full confidence that the Greatland team will be outstanding stewards of these assets.

“Including the Telfer divestiture, we continue to expect to reach at least $2b in total proceeds from the sale of our high-quality, non-core assets, enabling us to focus attention on our suite of Tier 1 assets, further reduce debt, and return capital to shareholders.”

The transaction is expected to close in Q4 CY24.