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Newmont sells Éléonore mine in Canada for $795m

25th November 2024

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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The world’s largest gold miner, Newmont, announced on Monday that it had agreed to sell its Éléonore mine in Quebec, Canada, to UK-based private mining firm Dhilmar for $795-million in cash.

The transaction marks another step in Newmont’s ongoing divestiture programme, which has seen the company exceed its target of raising $2-billion from the sale of noncore assets. With this deal, gross proceeds are now expected to total $3.6-billion.

The sale of the Éléonore mine is the second of several Canadian assets that Newmont has earmarked for divestment. Last week, the company reached an agreement to sell its Musselwhite mine to TSX-listed Orla Mining for $850-million.

Newmont CEO Tom Palmer expressed confidence in the buyer, noting that Dhilmar, led by CEO and MD Alexander Ramlie, had a strong track record in mining. “They have a wealth of experience in gold and copper mining, and we believe Dhilmar will be excellent stewards of this asset,” Palmer said.

Ramlie and his team at Dhilmar were previously involved in the 2016 acquisition of the Batu Hijau copper and gold mine in Indonesia, a transaction made on behalf of PT Amman Mineral Internasional.

 

Edited by Creamer Media Reporter

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