Global miner Newmont has finalized the previously disclosed sales of its Akyem operation in Ghana and its Porcupine operation in Canada, marking the completion of the miner’s divestiture program announced last February.
“Today, I am pleased to announce the successful completion of our non-core asset divestiture program with the sale of Akyem and Porcupine, generating total after-tax cash proceeds of approximately $850 million before closing adjustments,” said Tom Palmer, Newmont president and CEO.
“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early-2024. With the cash proceeds received this year, we remain committed to continuing to strengthen our balance sheet and return capital to shareholders through ongoing share repurchases.”
Total gross proceeds from announced divestitures are expected to total up to $4.3 billion, which includes $3.8 billion from non-core divestitures and $527 million from the sale of other investments.
The six non-core assets divested were the Éléonore, Musselwhite, and Porcupine operations in Canada, the Cripple Creek & Victor operation in the United States, Akyem in Ghana, and Telfer in Western Australia.
Source: Newmont