Newmont Corporation (NYSE:NEM) plans to sell its Porcupine business in Ontario, Canada to Discovery Silver Corp. (OTC:DSVSF) for up to $425 million.
The deal includes $200 million in cash payable at closing, $75 million in equity through Discovery Silver shares to be issued at closing, and an additional $150 million in deferred cash considerations.
This strategic move is part of Newmont’s broader initiative to streamline its portfolio. Upon completion of these and other previously announced transactions, total proceeds from divestitures and non-core investments are expected to reach $4.3 billion.
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“Including the Porcupine divestiture, we expect to generate a total of up to $4.3 billion in proceeds from the announced sales of our high-quality non-core assets and investments, allowing us to further reduce debt and return capital to shareholders” , thus Tom PalmerNewmont’s president and chief executive officer.
Newmont initially continues to advance its divestiture strategy announced in February 2024to streamline its portfolio by selling non-core assets to its Australian, Ghanaian and North American operations. With today’s announcement, the company has entered into or secured definitive agreements for the sale of all six businesses and one project classified as held for sale in the financial statements.
In December, the company sold its Cripple Creek & Victor operations in Colorado to SSR Mining Inc. for up to $275 million in cash.
Price promotion: NEM shares are trading 1.67% lower at $41.34 at last check on Monday.
Photo via Shutterstock.
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This article Newmont offloads the Porcupine mine for ~$425 million as part of its asset divestiture strategy originally appeared on Benzinga.com
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