Newmont Corp., the world’s largest gold mining company, is on course to raise at least $2 billion through the sale of its smaller mines and development projects, according to Chief Operating Officer Natascha Viljoen. Speaking on the sidelines of the Denver Gold Group’s annual forum in Colorado, Viljoen confirmed that the company expects to meet its target, with all sales progressing as planned.
The divestment strategy follows Newmont’s 2023 acquisition of Newcrest Mining Ltd., with the company focusing on offloading non-core assets to streamline its portfolio. The move is part of a broader plan to prioritize Tier 1 assets, which are capable of producing a minimum of 500,000 ounces of gold equivalent annually for at least 10 years, while also increasing Newmont’s exposure to copper.
Earlier this month, Newmont agreed to sell two of its Australian assets to Greatland Gold Plc for up to $475 million. The company now aims to finalize the sale of additional mines and projects located in Ghana, the US, and Canada by the end of the first quarter of 2025.
During a panel discussion at the forum, Newmont’s Chief Financial Officer, Karyn Ovelmen, provided an update on the asset sales. The sale of the Akyem mine in Ghana is in “advanced stages,” while the process of selling several gold mines in Canada and the US has reached its “second stage,” with the company currently conducting due diligence with interested buyers.
These sales are part of Newmont’s strategy to optimize its portfolio by focusing on high-performing assets and divesting smaller operations. The company expects to complete all asset sales within the projected timeline.
