Gold mining major Newmont will put up for sale six mines and two projects, optimising its portfolio to focus on ten tier-one assets that will produce 6.7-million gold ounces by 2028.

The six mines that will be divested include Éléonore, Musselwhite and Porcupine, in Canada, CC&V, in the US, Akyem, in Ghana, and Telfer, in Australia, as well as two non-core projects including Havieron, in Australia, and Coffee, in Canada.

Two of the assets that Newmont plans to shed – Telfer and Havieron – were acquired as part of the Newcrest acquisition last year.

Going forward, Newmont’s focus will be on six managed tier-one assets, including Boddington, Tanami, Cadia and Lihir, in Australia, Peñasquito, in Mexico, and Ahafo, in Ghana, as well as assets owned through two non-managed joint ventures at Nevada Gold Mines in the US and Pueblo Viejo, in Dominican Republic.

"Newmont's go-forward portfolio is the new standard for gold and copper mining," said president and CEO Tom Palmer.

It will also focus on three emerging tier-one assets, Merian, in Suriname, Cerro Negro, in Argentina, and Yanacocha, in Peru, and an emerging tier-one district in the Golden Triangle in British Columbia, where Red Chris and Brucejack are located.

Newmont’s tier-one portfolio also includes attributable production from the company’s equity interest in Lundin Gold.

"This portfolio provides our shareholders with exposure to the highest concentration of tier-one assets in the sector, each with the scale and mine life to generate strong free cash flows, and all located in the world's most favourable mining jurisdictions,” added Palmer.

With Newcrest in its fold since November 2023, Newmont delivered 5.5-million gold ounces in 2023 at an all-in sustaining cost of $1 444/oz, in line with the revised guidance range for the year.

This year, the miner is targeting gold production of 6.9-million ounces for the total Newmont portfolio, underpinned by 5.6-million gold ounces from the tier-one portfolio.

The gold major reported a net loss of $2.5-billion, driven by $1.9-billion in impairment charges, $1.5-billion in reclamation charges and $464-million in Newcrest transaction and integration costs.

Adjusted net income came to $1.41 a share.