In the less than a year, Newmont successfully divested eight non-core gold projects.
In February 2024, Newmont announced its plans to divest eight of its gold projects. With all eight now officially sold off, Mining takes a look at the projects the major has bid farewell to.
Havieron and Telfer
The first assets sold were two of Western Australia’s most iconic: the Telfer gold-copper mine and the Havieron gold-copper project.
In September 2024, Greatland Gold confirmed it had entered into negotiations with Newmont to acquire Telfer and, less than 24 hours later, that an agreement had been struck.
Newmont officially sold Telfer, its 70 per cent stake in Havieron, and any other related interests in the Paterson region, to Greatland for $734 million in December.
Akyem
Zijin Mining Group emerged as the new owner of Akyem in October 2024, paying $1.5 billion for the 422,000-ounce gold mine.
“We believe the proposed transaction results in the greatest overall value for Newmont shareholders and is the best strategic fit for Akyem,” Newmont chief executive officer Tom Palmer said.
“We are confident that Akyem will continue to thrive under new ownership with long-term benefits for local stakeholders and surrounding communities.”
Musselwhite
Orla Mining became the new owner of the Musselwhite gold operation in Ontario, Canada, when it purchased the project for $1.3 billion in November.
The deal more than doubles Orla’s annual gold production to over 300,000 ounces and positions the company as a North American-focused, multi-asset gold company.
“This acquisition is a significant milestone for Orla Mining,” Orla president and chief executive officer Jason Simpson said.
Éléonore
Another Canadian asset, the Éléonora gold operation was sold to UK-based Dhilmar, a company that had previously joined forces with Newmont to acquire the Batu Hijau mine in Indonesia.
Dhilmar paid $1.2 billion for Éléonora in November, contributing to the $5.5 billion in gross proceeds Newmont is expecting from its divestitures.
Since the Indonesian acquisition closed in 2016, the two companies have worked closely together, and Palmer said he was pleased by the sale.
“They have a wealth of experience in gold and copper mining and we believe Dhilmar will be excellent stewards of this asset,” Palmer said.
Cripple Creek and Victor
The open pit Cripple Creek and Victor (CC&V) gold operation in Colorado, US, was purchased by SSR Mining for up to $430 million.
CC&V boasts the title of the richest gold mine in Colorado history, producing 3.45 million ounces of proven reserves in 2019 alone.
The operation is expected to add approximately 170,000 ounces in annual gold production to SSR Mining’s platform, with total US gold production tipped to hit between 300,000–400,000 ounces annually.
Porcupine
The final project in Newmont’s divestment program, the Porcupine gold operation in Ontario was sold to Discovery Silver Corp in January.
Porcupine, which has produced over 68 million ounces of gold since 1910, was sold for $675 million.
The transaction comprises a cash consideration of $US200 million, equity consideration of $US75 million in the form of Discovery Silver Corp shares, and a deferred cash consideration of $US150 million.
With the final divestment now complete, Newmont is turning its attention to its core assets across its global portfolio.
