Orla Mining will become the new owner of the Musselwhite gold operation in Ontario, Canada, in Newmont’s latest round of project divestments.
The deal, worth around $850 million, is expected to close in the first quarter of 2025.
“We are pleased to be selling our Musselwhite operation to Orla and have full confidence that they will continue to operate responsibly, while maintaining strong partnerships with the mine’s workforce and local and Indigenous communities,” Newmont president and chief executive officer Tom Palmer said.
The sale follows Newmont’s February announcement of its intension to divest non-core assets, including six operations and two projects across Australia, Ghana and North America.
To date, the company has:
The total gross proceeds from transactions announced in 2024, including that of Musselbrook, is excepted to hit $2.9 billion.
“Today’s announcement signifies Newmont’s continued progress toward building our go-forward portfolio and delivering on the transaction commitments we made at the beginning of the year,” Palmer said.
“The announced divestitures are expected to deliver up to $2.9 billion in gross proceeds to support Newmont’s capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders.”
As Orla works to take ownership of Musselwhite, Greatland Gold is making strides to complete its acquisition of the Telfer-Havieron suite.
The company has received consent from the Pilbara Ports Authority to transfer the crown lease at Port Hedland relating to export facilities, while Newmont have been granted foreign investment approval by the Treasurer of the Commonwealth of Australia for the issuance of Greatland shares to Newmont.
Remediation of the Telfer tailings storage facility has also been completed by Newmont, achieving the required 14 days of consecutive processing.
Greatland and Newmont have agreed to target completion of the acquisition by early December.
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