Newmont is looking to offload six mines and two development projects, aiming to generate $2 billion. Among the assets for sale are the Akyem mines in Ghana, highlighting a strategic move to streamline its operations following the acquisition of Newcrest Mining Ltd. This acquisition, valued at roughly $15 billion, has further established Newmont as the preeminent gold producer worldwide.
The Denver-based miner plans to divest its three Canadian gold mines—Éléonore, Musselwhite, and Porcupine—along with Cripple Creek & Victor in the US, Akyem in Ghana, and Telfer mine in Australia. Additionally, the non-core projects Havieron in Australia and Coffee Gold in Canada are also on the selling block.
This decision comes as Newmont aims to focus on "Tier 1" assets, defined by the company as operations producing 500,000 gold equivalent ounces or more, with a lifespan of at least 10 years, and situated in leading jurisdictions. CEO Tom Palmer noted that while the mines slated for divestiture are valuable and well-managed, they do not fit into the company's Tier 1 category.
Newmont has already sparked interest among potential buyers for these assets. This strategic divestiture underscores the company's commitment to optimizing its portfolio and focusing on its most valuable and strategic assets. With operations across 20 mines in 11 countries, Newmont's production forecast stands at 6.7 million ounces of gold annually by 2028, emphasizing its leading position in the gold mining industry.
