- Newmont (NEM, Financial) has finalized its non-core divestiture program, selling Akyem and Porcupine operations for after-tax cash proceeds of approximately $850 million.
- The total expected gross proceeds from its 2024 divestiture program are anticipated to reach up to $4.3 billion.
- Newmont acquired a 15% stake in Discovery Silver Corp as part of the Porcupine sale.
Newmont Corporation (NEM) has successfully completed its non-core divestiture program with the final sale of the Akyem operation in Ghana and the Porcupine operation in Canada, receiving approximately $850 million in after-tax cash proceeds. As part of its strategic plan initiated in early 2024, Newmont aims to streamline operations and focus on higher-margin core assets.
The completion of the divestiture program is a significant milestone for Newmont, with total anticipated gross proceeds from all divestitures reaching up to $4.3 billion. This figure includes $3.8 billion from non-core divestitures and $527 million from other investment sales.
In addition to the cash proceeds, Newmont has acquired 119,716,667 common shares of Discovery Silver Corp., representing a 15% ownership stake, strengthening its strategic investment portfolio. The company plans to utilize the cash proceeds to bolster its balance sheet and enhance shareholder value through ongoing share repurchases.
With over $2.5 billion already received in cash during 2025, Newmont is in a strong financial position, poised to create value through disciplined capital management and heightened focus on its core mining assets.
