Newmont Corp. (NEM), a prominent player in the gold mining industry, revealed on Monday that it has entered into an agreement to divest its Musselwhite operation located in Ontario, Canada, to Orla Mining Ltd. for a potential total of $850 million.
The completion of this transaction is anticipated by the first quarter of 2025.
According to the agreement's terms, Newmont will receive an upfront cash payment of $810 million upon closure, with the possibility of additional contingent payments totaling up to $40 million.
Tom Palmer, CEO of Newmont, remarked, "These divestiture plans are projected to generate up to $2.9 billion in gross proceeds, aligning with Newmont's strategic capital allocation objectives."
