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    Newmont to Sell Cripple Creek & Victor Mine Amid Firm-wide Restructuring

    Giann Liguid
    Dec. 10, 2024 09:30AM PST

    Newmont is continuing its ongoing divestiture strategy, this time implementing sweeping administrative changes in conjunction with its sale of non-core assets.

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    Newmont (TSX:NGT,NYSE:NEM) announced the sale of its Cripple Creek & Victor mine in Colorado, US, to SSR Mining (TSX:SSRM,NASDAQ:SSRM) for up to US$275 million, continuing its ongoing restructuring efforts.

    Under the terms of the deal, Newmont will receive US$100 million in cash upon closing, with an additional US$175 million contingent on regulatory approvals and conditions related to the Carlton Tunnel.

    Newmont has agreed to bear 90 percent of potential closure costs exceeding US$500 million under a future regulator-approved closure plan. The transaction is expected to close in the first quarter of 2025.


    For the better part of the year, Newmont has prioritized divesting its non-core assets to focus on its Tier 1 gold and copper operations. It is aiming to achieve up to US$3.9 billion in proceeds through asset sales and other liquidations.

    Recent sales include the Telfer operation and a majority stake in the Havieron project for up to $475 million, alongside divestitures of the Akyem, Musselwhite and Éléonore operations. The company has also raised US$527 million through sales of other investments, including its Lundin Gold (TSX:LUG,OTCQX:LUGDF) stream credit facility.

    In tandem with these divestitures, Newmont is implementing widespread organizational changes, including layoffs and a consolidation of its global business units. The company recently announced the dismissal of several senior managers, including an executive, as part of efforts to align its operational structure with its strategic priorities.

    In addition, five standalone business units are being merged into three, eliminating divisions overseeing operations in Australia and Africa and integrating them with those managing North America and East Asia.

    These changes come after Newmont’s acquisition of Newcrest Mining in 2023, which added significant gold and copper assets to its portfolio. The restructuring aims to reduce redundancy and optimize the organization for long-term success.

    The overhaul also responds to challenges highlighted in Newmont’s third quarter report, which reveals rising costs at the company's mines in Australia, Canada and Peru.

    Despite a 30 percent increase in the gold price this year, Newmont’s share price performance has been modest, prompting internal reviews and discussions with investors about the company’s current approach.

    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
    • Newmont Divests Akyem Gold Mine to Zijin Mining in US$1 Billion Deal ›
    • Newmont Announces Agreement for Sale of Éléonore for $795 Million in Cash ›
    • Newmont to Sell Telfer and Havieron Stake to Greatland Gold for US$475 Million ›
    • Orla to Buy Musselwhite Gold Mine from Newmont for US$850 Million ›
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    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.

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    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.

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