Newmont Goldcorp incoming CEO Tom Palmer
The world’s largest gold miner, Newmont Goldcorp, is continuing to streamline its portfolio and the company confirmed on Friday that its Red Lake mine, Canada, is up for sale.
Confirmation of the potential sale of Red Lake, which is a former Goldcorp mine, comes only a week after an announcement of its divestment of a 45.5% stake in the Nimba iron-ore project, in Guinea, to a company controlled by mining investor Robert Friedland.
The group, which was formed earlier this year when Newmont bought Goldcorp for $10-billion, has said previously that it intends to shed between $1-billion and $1.5-billion in assets over the next two years. Analysts have flagged Red Lake, Musselwhite and Porcupine from Goldcorp as potential assets that may be sold.
Newmont Goldcorp incoming CEO Tom Palmer will be presenting at next week's Denver Gold Forum.