Newmont surpasses $2bn divestiture target
US-based Newmont has exceeded its $2-billion target for gross proceeds from the sale of noncore assets, securing agreements that will generate a total of $2.9-billion, with additional assets still on the market.
In February, Newmont announced the sale of six operations and two projects across its Australian, Ghanaian, and North American business units. To date, the company has completed sales agreements for the Telfer mine and a 70% interest in the Havieron project in Australia for $475-million, the Akyem gold mine in Ghana for $1-billion, and the Musselwhite operation in Canada for $850-million.
Additionally, Newmont has raised $527-million from the sale of investments, including its Lundin Gold stream and Batu Hijau contingent payments.
Other assets still up for sale include the Éléonore and Porcupine mines, as well as the Coffee project in Canada. The CC&V mine in the US is also on the block, with final sales expected by the first quarter of 2025.
“The announced divestitures are expected deliver up to $2.9-billion in gross proceeds to support Newmont's capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders,” said CEO Tom Palmer.
Newmont continues to use free cash flow and proceeds from asset sales to enhance long-term shareholder value, including a $3-billion share repurchase programme authorised through October 2026.
Since launching the programme, the company has repurchased 7.2-million shares, totalling $336-million, and a total of 22.4-million shares for $1.1-billion since its inception.
In addition, Newmont has made significant progress towards its targeted debt balance of $8-billion, retiring about $500-million in debt this year, underscoring its commitment to a disciplined approach to capital management.
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