Newmont’s Éléonore gold operation in Quebec, Canada, has been sold to Dhilmar for $1.2 billion.
The transaction, expected to close in the first quarter of 2025, is the latest in a string of divestments from Newmont, having recently sold its Musselwhite gold operation in Ontario for $1.3 billion.
Upon closing the announced transactions, Newmont will have delivered up to $5.5 billion in gross proceeds from divestitures and investment sales, and has to date:
“Today’s announcement is another step forward in Newmont’s journey to create a go-forward portfolio of Tier 1 gold and copper assets, each with the scale and mine life to generate strong free cash flows for several decades,” Newmont president and chief executive officer (CEO) Tom Palmer said.
“When we announced the acquisition of Newcrest in 2023, we committed to generating at least $US2 billion in cash through portfolio optimisation. With this announced sale, we have meaningfully exceeded our target by more than $US1.5 billion to date.
“Proceeds from this transaction will support Newmont’s comprehensive approach to capital allocation, which includes strengthening our investment-grade balance sheet and returning capital to shareholders.”
Plamer said the company was pleased to sell Éléonore to Dhilmar, a newly incorporated UK-based private mining company.
“They have a wealth of experience in gold and copper mining and we believe Dhilmar will be excellent stewards of this asset,” Palmer said.
Dhilmar is led by CEO and managing director Alexander Ramlie, who worked with Newmont in 2016 to acquire the Batu Jijau copper-gold mine in Indonesia. Ramlie’s leadership has seen the investment in Batu Hijau grow to a market capitalisation of over $40 billion.
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