Newmont Corporation (NYSE:NEM) plans to sell its Porcupine operation in Ontario, Canada, to Discovery Silver Corp. (OTC:DSVSF) for up to $425 million.

The agreement includes $200 million in cash to be paid at closing, $75 million in equity through Discovery Silver shares to be issued upon closing and an additional $150 million in deferred cash consideration.

This strategic move is part of Newmont’s broader initiative to streamline its portfolio. Upon completion of this and other previously announced transactions, total proceeds from non-core asset divestitures and investments are expected to reach up to $4.3 billion.

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“Including the Porcupine divestiture, we expect to generate up to $4.3 billion in total proceeds from the announced sales of our high-quality non-core assets and investments, enabling us to further reduce debt and return capital to shareholders,” said Tom Palmer, Newmont’s President and Chief Executive Officer.

Newmont continues to advance its divestiture strategy, initially announced in February 2024, to streamline its portfolio by selling non-core assets across its Australian, Ghanaian, and North American operations. With today’s announcement, the company has completed or secured definitive agreements for selling all six operations and one project classified as held for sale in its financial statements.

In December, the company sold its Cripple Creek & Victor operation in Colorado to SSR Mining Inc. for up to $275 million in cash.

Price Action: NEM shares are trading lower by 1.67% at $41.34 on the last check Monday.

Photo via Shutterstock.

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This article Newmont Offloads Porcupine Mine For ~$425 Million As Part Of Asset Divestiture Strategy originally appeared on Benzinga.com

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