NEM - Gold Miner Newmont Looks To Sell Assets Reduce $8B Debt Load | Benzinga
Gold miner Newmont (NYSE:NEM) looks to consolidate its business and reduce its $8 billion debt load by divesting a chunk of its assets.
What Happened: Following last year’s acquisition of Newcrest, Newmont is focusing on what it calls a “go-forward portfolio” that will provide shareholders with exposure to so-called tier-one assets in “the world’s most favorable mining jurisdictions," according to president and CEO Tom Palmer.
The six mines up for sale include Éléonore, Musselwhite, and Porcupine in Canada, CC&V in the US and Akyem in Ghana, and a non-core project, Coffee in Canada.
Additionally, the company is offloading two Australian assets acquired through Newcrest — the Telfer and Havieron mines.
Newmont’s tier-one assets include Boddington, Tanami, Cadia, and Lihir in Australia, Peñasquito in ...