Newmont to divest two non-core mines in Australia to Greatland Gold for $475 mln (updated)
10/09/2024 17:49
(Adds details)
Sept 10 (Reuters) - Newmont Corp NEM.N said on Tuesday
it would divest the Telfer project and its interest in the
Havieron gold-copper project in Western Australia to Greatland
Gold GGPL.L for up to $475 million.
The sale is part of the global gold miner's plans to divest
non-core assets and trim its workforce to reduce debt following
the completion of its about $17 billion purchase of Australian
miner Newcrest in November last year.
Greatland Gold, a UK-based mining development and
exploration company, will buy Newmont's 70% stake in the
Haverion project. It already owns a 30% stake in the mine.
Newmont expects annual gold production to fall to 6.75
million ounces from the 6.93 million ounces it forecast in its
second-quarter earnings once the transaction closes in the
fourth quarter as expected.
The company also cut its copper production expectations to
145,000 tonnes for the year, compared with 152,000 tonnes
earlier.
(Reporting by Seher Dareen in Bengaluru; Editing by Sriraj
Kalluvila)
((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))