Newmont falls on $425 mln gold mine sale

Discovery Mining

27/01/2025 16:13

** Shares of gold miner Newmont Corporation  NEM.N  fall
2.2% to $41.11
    ** NEM says it is selling its Porcupine operation in
Ontario, Canada, to Discovery Silver Corp  DSV.TO  for $425 mln
    ** NEM says it expects to generate up to $4.3 bln in total
proceeds from the sale of its non-core assets and investments
    ** NEM has divested or has agreements in place to divest all
six operations and one project classified as held for sale
    ** The sale is part of NEM's program to divest non-core
assets and focus on its Tier 1 assets, co says
    ** The proceeds from these sales will be used to reduce debt
and return capital to shareholders - NEM
    ** The Porcupine Complex, a group of mining operations, has
an annual gold production of 260,000 ounces as of Dec. 2023
    ** The sale expected to close H1 2025
    ** NEM fell ~9% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))