Newmont lines up asset sales valued at US$2 billion or more

The gold major is completing a series of divestitures so that it can focus on its top producing mines

Rowan Dunne

Published

September 17, 2024

Newmont Corporation (TSE: NGT) is in the process of selling a series of non-core assets so that it can focus on its major operations. That is, those that produce over half a million ounces of gold equivalent per annum.

The company’s chief operating officer said Tuesday that Newmont was on track to generate US$2 billion or more from them. Assets being divested include the Akyem mine in Ghana, a pair of Australian mining projects and a trio of Canadian operations.

“We’ll get at least that,” COO Natascha Viljoen said Tuesday in an interview at the Denver Gold Forum in Colorado Springs. “All of them are tracking according to plan.”

Newmont initiated the sales process after completing the major acquisition of Newcrest Mining last year. Earlier this month, the gold producer revealed that Greatland Gold plc (LON: GGP) would be taking Australia’s Telfer operation and major interest in the Havieron gold-copper project for US$475 million.

The goal is to have these divestitures wrapped up by the end of Q1, 2025. Newmont’s sales process for Ghana’s Akyem mine is in the “advanced stages,” according to the company’s chief financial officer. Meanwhile, the process to relinquish a collection of mining assets in Canada in the U.S. is in the second stage, CFO Karyn Ovelmen says.

Newmont leaders visit Japanese tire factory

Chief executive Tom Palmer and Chief Development Officer Peter Toth recently traveled to Japan and South Korea.

While in Tokyo at the end of August, the company leaders had the chance to tour the Kitakyushu tire plant run by Bridgestone Corp (OTCMKTS: BRDCY). Rubber needed for tires on the company’s trucks, loaders, graders and other equipment gets manufactured therein.

Bridgestone is Newmont’s number one supplier.

This month, our President and CEO, Tom Palmer, Chief Development Officer, Peter Toth, and other Newmont leaders met with key stakeholders in Japan & South Korea. During the trip, they visited Bridgestone’s HQ and Kitakyushu plant where Giant Off The Road tires are produced ⬇️ pic.twitter.com/hO92WlvIWF

— Newmont Corporation (@NewmontCorp) August 26, 2024