• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Gold Market
    Gold News
    Gold Stocks
    • Gold Market
    • Gold News
    • Gold Stocks
    1. Home>
    2. ResourcePrecious MetalsGold Investing>
    Loading...
    0

    Newmont Completes Divestitures With US$425 Million Sale to Discovery Silver

    Giann Liguid
    Jan. 27, 2025 09:30AM PST

    The sale of Newmont's Ontario-based Porcupine operation to Discovery Silver marks the final phase of its divestiture program, which commenced in February 2024.

    Stacks of US$100 bills.
    Svetlana Lukienko / Shutterstock

    Newmont (TSX:NGT,NYSE:NEM) announced the final phase of its divestiture program through an agreement to sell its Porcupine operation in Ontario, Canada, to Discovery Silver (TSX:DSV,OTCQX:DSVSF).

    Total consideration for the sale comes to US$425 million, comprised of US$200 million in cash to be paid upon closing, US$75 million in Discovery Silver shares and US$150 million in deferred cash payments.

    The sale is anticipated to close in the first half of 2025, subject to regulatory approvals and other conditions.


    According to Newmont President and CEO Tom Palmer, this divestiture represents the final phase of the company’s strategic shift to focus on Tier 1 assets, ensuring long-term operational and financial efficiency.

    Palmer expressed confidence in Discovery Silver’s ability to manage the Porcupine operation responsibly, given the company's experience and established presence in the region. The transaction concludes Newmont’s non-core asset divestiture program, which is expected to generate as much as US$4.3 billion in gross proceeds.

    Newmont’s divestiture program was launched in February 2024, and targeted the sale of six operations and two projects across Australia, Ghana and North America. With agreements now finalized for all assets identified for sale, Newmont expects to generate US$3.8 billion from divestitures and an additional US$527 million from the sale of investments, including the Lundin Gold (TSX:LUG,OTCQX:LUGDF) stream credit facility and contingent payments from Batu Hijau.

    The assets sold by Newmont include Telfer and its 70 percent interest in the Havieron project for up to US$475 million, the Akyem operation in Ghana for up to US$1 billion and Musselwhite in Ontario for up to US$850 million.

    Aside from that, the major gold miner's Éléonore operation in Québec was sold for US$795 million, while its Cripple Creek & Victor operation in Colorado, US, was divested for up to US$275 million.

    Discovery Silver plans to continue exploration and production activities at Porcupine, which is located in Ontario's Timmins Mining Camp. The company said the purchase aligns with its broader growth objectives.

    Newmont will now focus on high-performing Tier 1 operations across its global portfolio. The company operates in jurisdictions that include Africa, Australia, Latin America, North America and Papua New Guinea.

    Don’t forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • Orla to Buy Musselwhite Gold Mine from Newmont for US$850 Million ›
    • Newmont Divests Akyem Gold Mine to Zijin Mining in US$1 Billion Deal ›
    • Newmont to Sell Cripple Creek & Victor Mine Amid Firm-wide Restructuring ›
    • Newmont to Sell Éléonore Gold Mine in Québec for US$795 Million ›
    • Newmont to Sell Telfer and Havieron Stake to Greatland Gold for US$475 Million ›
    TSX:NGT
    https://x.com/giannliguid
    https://www.linkedin.com/in/giannliguid/
    The Conversation (0)

    Go Deeper

    AI Powered
    Stacks of shiny silver bars labeled "FINE SILVER" and "999" purity.

    ASX Silver Stocks: 5 Biggest Companies in 2025

    Gold nuggets on dark ground.

    Top 5 Junior Gold Mining Stocks on the TSXV in 2025

    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Latest News

    Prismo Metals Announces Closing of Oversubscribed Private Placement

    Lode Gold Completes Final Tranche Financing for Total $1.51 Million

    Quimbaya Gold Starts Drilling at Tahami South, Testing Undrilled Gold System Beside Aris' Segovia Mine

    Pinnacle Closes Oversubscribed Non-Brokered Private Placement

    LaFleur Minerals Provides Swanson Drilling Update, Acquires Key Swanson Claim, and Files Updated NI 43-101 Technical Report

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Gold Investing Stocks

    Asra Minerals

    ASR:AU

    Piche Resources

    PR2:AU

    Quimbaya Gold

    QIM:CC

    Sranan Gold

    SRAN:CC

    LaFleur Minerals

    LFLR:CNX

    Pacgold

    PGO:AU
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×
    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Full Bio

    Follow

    Learn about our editorial policies.