Monday, June 16, 2025

Latest

Newmont To Sell Off Multiple Canadian Assets, Cut Jobs

Newmont Corp (NYSE: NEM) has announced plans to divest six non-core assets and two non-core projects to streamline its operations and reduce its significant debt load. 

Among the assets for sale are the Éléonore mine in Quebec, Musselwhite and Porcupine mines in Ontario, the Coffee project in Yukon Territory, and a 70% interest in the Havieron joint venture in Western Australia. This move follows the company’s acquisition of Newcrest Mining last November.

The decision to sell these assets is part of Newmont’s broader financial strategy to tackle its $8 billion in debt, with a targeted debt reduction of $1 billion in the near term. Additionally, the company has identified potential savings of $500 million through cost and productivity enhancements, including job cuts. 

“A big part of our commitment is to deliver $100 million of free cash flow by bringing Newmont and Newcrest together…there is a reduction in headcount in order to achieve those synergies,” CEO Tom Palmer told Reuters.

Post-divestment, Newmont will concentrate on ten prime assets, described as its “go-forward portfolio,” to secure sustainable growth. In the company’s statement, Palmer underscored the focus on tier-1 assets, which are characterized by their significant size, long lifespan, and low operational costs, offering shareholders a unique opportunity to invest in the top tier of gold and copper mining assets.

The company also reported a 6.9% decrease in gold production for 2023, producing 5.5 million ounces compared to 5.96 million ounces in the previous year.

Newmont reported a net loss of $3.21 per share for 2023, slightly below Wall Street’s expectations. This loss is attributed to various challenges, including $1.9 billion in impairment charges, $1.5 billion in reclamation charges, and $464 million related to Newcrest’s acquisition and integration. 

Nonetheless, it distributed $1.4 billion in dividends to its shareholders and projects a production increase to nearly 6.9 million gold ounces in 2024, primarily from its tier-1 assets. The miner also revealed an increase in gold reserves to 135.9 million attributable ounces and highlighted its extensive copper and silver reserves. 

Newmont shares are down 30% over the past year and are trading at their lowest since 2019.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

First Majestic Silver: The Santa Elena Mine

Equinox Gold: Guidance Cut After Issues At Greenstone

Simply Solventless Q4 Earnings: So Much For Guidance

Recommended

Power Metallic Secures Jabal Baudan Project In Saudi Arabia

NexGen Energy Receives Approval For Site Expansion At Rook I Project

Related News

Zoltan Pozsar: Gold At $3,600 Is Not Improbable If US Refill Reserves With Russian Oil

In his latest dispatch, Credit Suisse contributor Zoltan Pozsar shifted focus on his ongoing series...

Tuesday, December 6, 2022, 10:26:14 AM

Grande Portage: Assays For Herbert Gold Property Expected In Near Term

Earlier this month, Grande Portage Resources (TSXV: GPG) announced that the company had completed the...

Sunday, November 22, 2020, 04:58:00 PM

Gran Colombia Produces 17,377 Gold Ounces In August

Gran Colombia Gold (TSX: GCM) this morning reported its production results for the month of...

Thursday, September 16, 2021, 08:43:00 AM

Patagonia Gold Acquires Two Argentinian Properties From Mirasol Resources

Mirasol Resources (TSXV: MRZ) has sold off certain of its Argentinian properties to that of...

Monday, April 19, 2021, 07:47:59 AM

K92 Mining: Scotiabank, PI Financial Raise Price Target Following Kora PEA

Yesterday evening K92 Mining (TSXV: KNT) released a positive preliminary economic assessment on their phase...

Tuesday, July 28, 2020, 04:26:09 PM