Newmont CEO says asset divestments progressing well (updated)
06/06/2024 04:59
(Adds details of non-core assets, CEO comments on project
pipeline in paragraphs 3-7)
MELBOURNE, June 6 (Reuters) - Newmont Corp NEM.N Chief
Executive Tom Palmer said on Thursday the gold miner's plans to
divest eight non-core assets and trim its workforce to cut debt
following its $17.14-billion purchase of Newcrest were
progressing well.
"(We are) quite excited about the level of interest in each
of those assets," Palmer told reporters in Melbourne.
Those assets include the Eleonore and Musselwhite mines
and a development project in Canada, a mine in Colorado and the
Akyem mine in Ghana. In Australia, the assets include the Telfer
gold mine and a 70% stake in the Haverion copper-gold project
that it owns with Greatland Gold GGPL.L .
The miner in February said it aims to realise over $2
billion in cash from portfolio optimization with Newcrest and
will focus on growing its core assets as part of its
transformation strategy.
"We have got a very full plate," Palmer said.
He pointed to artificial intelligence as a surprisingly
large new source of copper demand.
"It's quite remarkable to see that move in AI that we didn't
see even two years ago," Palmer said.
(Reporting by Melanie Burton in Melbourne; Editing by Clarence
Fernandez and Sonali Paul)
((melanie.burton@thomsonreuters.com))