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Released December 12, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Newmont Corporation (NYSE:NEM) (Greenwood Village, Colorado) recently agreed to sell its Cripple Creek & Victor (CC&V) gold mining operation in Colorado, which is part of the miner's plan to divest six operations and two projects across Australia, Ghana and North America. This includes two transactions that recently closed.
"We are excited to announce the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets," said Tom Palmer, Newmont's chief executive officer, in a December 6 press release. The company said it aims to complete the divesture program in the first quarter of 2025.
Newmont, the world's largest gold miner, agreed to sell the CC&V operation to SSR Mining (Denver, Colorado) for up to US$275 million in cash. The transaction is expected to close in first-quarter 2025, subject to certain conditions.
Active for more than 30 years, CC&V is an open-pit mining operation that produced 172,000 ounces of gold in 2023, according to Newmont; as of December 31, 2023, the asset had gold reserves of about 1.3 million ounces. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here to read more information on the CC&V operation.
Newmont initially announced it planned to divest the asset in February, as part of a larger effort to optimize its portfolio: "The company is seeking to divest six non-core assets: Akyem, CC&V, Éléonore, Porcupine, Musselwhite and Telfer. In addition, Newmont expects to divest the Coffee project in Canada and the Havieron project in Australia."
Newmont said total gross proceeds from transactions announced in 2024 to date are expected to be as much as US$3.9 billion.
In early December, Newmont closed the sale of its Telfer operation in Australia and its 70% stake in the proposed Havieron gold-copper project at the Telfer site to Greatland Gold (Australia). The combined cash-and-stock deal was initially valued at up to US$475 million.
As of June 2023, Newmont reported Telfer had gold production of 349,000 ounces; the planned Havieron project entails constructing an additional underground mine to extend the Telfer operation's life for another 19 to 20 years. The ore would be hauled by truck to the Telfer processing plant. Subscribers can click here for more information on the Havieron project.
Earlier this month, two Australian gold miners agreed to merge in a deal worth US$3.2 billion. For more information, see December 5, 2024, article - Australian Gold Miners Strike $3 Billion Merger.
The other project Newmont plans to divest is the Coffee gold project in Canada's Yukon Territory, a proposed 31 million-ton-per-year aboveground open-pit, heap-leach mining operation designed to produce 184,000 ounces of gold per year over a 10-year mine life. Click here to read the project report.
Among the three assets in Canada Newmont aims to shed is its Porcupine operation, which, along with the Coffee project, does not have a binding sale agreement in place. The operation consists of three operational mines and one that is non-operational (click here for the related profiles). Another mine--the Pamour open-pit mine--is being restarted/redeveloped after ceasing operations in late 2009. Newmont would truck the mined ore to a leaching plant for processing to extract 133,000 ounces per year of gold. Subscribers can click here to read the related project report.
Newmont has agreements in place to sell three other assets--two in Canada and one in Ghana, with the transactions expected to close in first-quarter 2025, subject to certain conditions: Eleonore in Northern Quebec, to newly incorporated private mining company Dhilmar (United Kingdom) for US$795 million in cash, and Musselwhite in Ontario, to Orla Mining for US$810 million in cash upon closing and up to US$40 million in contingent payments. Meanwhile, Newmont has agreed to sell the Akyem operation in Ghana to China's Zijin Mining Group (Longyan) for up to US$1 billion in cash.
In October, Newmont reported US$2.5 billion worth of 2024 capital expenditures to date, compared with full-year 2023 capital spending of US$2.66 billion. Industrial Info is tracking US$15.5 billion worth of active and planned projects attributed to Newmont worldwide; click here for a full list.
That activity does not include projects related to a 38.5% stake in its Nevada Gold Mines (NGM) joint venture with majority owner Barrick Gold Corporation (NYSE:GOLD) (Toronto, Ontario). For more information on the joint venture, see October 10, 2024, article - Baywa r.e. Hands Over Solar Farm to Nevada Gold Mines.
Subscribers to the GMI Database can click here to view reports for all of the projects discussed in this article, and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
"We are excited to announce the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets," said Tom Palmer, Newmont's chief executive officer, in a December 6 press release. The company said it aims to complete the divesture program in the first quarter of 2025.
Newmont, the world's largest gold miner, agreed to sell the CC&V operation to SSR Mining (Denver, Colorado) for up to US$275 million in cash. The transaction is expected to close in first-quarter 2025, subject to certain conditions.
Active for more than 30 years, CC&V is an open-pit mining operation that produced 172,000 ounces of gold in 2023, according to Newmont; as of December 31, 2023, the asset had gold reserves of about 1.3 million ounces. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here to read more information on the CC&V operation.
Newmont initially announced it planned to divest the asset in February, as part of a larger effort to optimize its portfolio: "The company is seeking to divest six non-core assets: Akyem, CC&V, Éléonore, Porcupine, Musselwhite and Telfer. In addition, Newmont expects to divest the Coffee project in Canada and the Havieron project in Australia."
Newmont said total gross proceeds from transactions announced in 2024 to date are expected to be as much as US$3.9 billion.
In early December, Newmont closed the sale of its Telfer operation in Australia and its 70% stake in the proposed Havieron gold-copper project at the Telfer site to Greatland Gold (Australia). The combined cash-and-stock deal was initially valued at up to US$475 million.
As of June 2023, Newmont reported Telfer had gold production of 349,000 ounces; the planned Havieron project entails constructing an additional underground mine to extend the Telfer operation's life for another 19 to 20 years. The ore would be hauled by truck to the Telfer processing plant. Subscribers can click here for more information on the Havieron project.
Earlier this month, two Australian gold miners agreed to merge in a deal worth US$3.2 billion. For more information, see December 5, 2024, article - Australian Gold Miners Strike $3 Billion Merger.
The other project Newmont plans to divest is the Coffee gold project in Canada's Yukon Territory, a proposed 31 million-ton-per-year aboveground open-pit, heap-leach mining operation designed to produce 184,000 ounces of gold per year over a 10-year mine life. Click here to read the project report.
Among the three assets in Canada Newmont aims to shed is its Porcupine operation, which, along with the Coffee project, does not have a binding sale agreement in place. The operation consists of three operational mines and one that is non-operational (click here for the related profiles). Another mine--the Pamour open-pit mine--is being restarted/redeveloped after ceasing operations in late 2009. Newmont would truck the mined ore to a leaching plant for processing to extract 133,000 ounces per year of gold. Subscribers can click here to read the related project report.
Newmont has agreements in place to sell three other assets--two in Canada and one in Ghana, with the transactions expected to close in first-quarter 2025, subject to certain conditions: Eleonore in Northern Quebec, to newly incorporated private mining company Dhilmar (United Kingdom) for US$795 million in cash, and Musselwhite in Ontario, to Orla Mining for US$810 million in cash upon closing and up to US$40 million in contingent payments. Meanwhile, Newmont has agreed to sell the Akyem operation in Ghana to China's Zijin Mining Group (Longyan) for up to US$1 billion in cash.
In October, Newmont reported US$2.5 billion worth of 2024 capital expenditures to date, compared with full-year 2023 capital spending of US$2.66 billion. Industrial Info is tracking US$15.5 billion worth of active and planned projects attributed to Newmont worldwide; click here for a full list.
That activity does not include projects related to a 38.5% stake in its Nevada Gold Mines (NGM) joint venture with majority owner Barrick Gold Corporation (NYSE:GOLD) (Toronto, Ontario). For more information on the joint venture, see October 10, 2024, article - Baywa r.e. Hands Over Solar Farm to Nevada Gold Mines.
Subscribers to the GMI Database can click here to view reports for all of the projects discussed in this article, and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
