Newmont Corporation announced on November 18, 2024, an agreement to sell its Musselwhite gold mine in Ontario, Canada, to Orla Mining Ltd. for a total consideration of up to $850 million. This transaction is expected to close in the first quarter of 2025.
This divestment is part of Newmont's ongoing campaign to streamline its portfolio by divesting non-core assets. With this agreement, the gross proceeds from Newmont's non-core asset sales are projected to exceed $2 billion.
The sale of Musselwhite aligns with Newmont's strategy to focus on its Tier 1 assets and enhance shareholder returns. The cash proceeds from this transaction will further strengthen the company's balance sheet and support its capital allocation priorities.
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