Newmont CEO Tom Palmer remains confident that the company will divest its unwanted assets by early next year, targeting a $2 billion boost to its balance sheet, despite ongoing issues at its Telfer mine in the Pilbara. Newmont’s sales process for mines in Australia, Ghana, and North America has been bolstered by strong gold prices, which remain above $2,300 an ounce. However, complications at the ageing Telfer mine’s tailings facilities have necessitated a halt in ore processing to address waste storage issues.
Speaking at the Melbourne Mining Club, Palmer noted that Newmont aims to increase copper production in the long term but has no immediate plans for mergers following its acquisition of Australia’s Newcrest Mining. He emphasized that Newmont’s robust internal development pipeline, including six large copper-gold projects and 11 managed operations, will sustain the company’s growth for decades.
Newmont is in the process of selling non-core operations post-Newcrest takeover, with assets in Canada, the US, and Ghana, along with Telfer, on the market. While industry sources suggest a September restart for Telfer’s processing plant, Palmer did not confirm a specific timeline but indicated a clear plan to address the tailings issues. The remediation work involves structural enhancements to meet global standards and is expected to be completed in weeks rather than months.
The tailings problems’ impact on the Telfer sale and its eventual price remains uncertain. Palmer assured that Newmont would not retain liabilities for future tailings dam issues but would offer technical support to buyers lacking Newmont’s expertise. He reiterated that the asset sale would transfer full liability to the new owner.
In late February, Newmont projected raising about $2 billion from asset sales within a year. Despite the Telfer setbacks, Palmer remains optimistic about meeting these targets, reaffirming the company’s commitment to achieving $2 billion in cash from sales within the year. 
