By: Creamer media

The shares were received as part of earlier asset divestitures – Greatland in exchange for Newmont’s Telfer operation and 70% stake in the Havieron gold/copper project, and Discovery as part of the Porcupine mine sale finalised earlier this year.

Both investments delivered strong returns, with the Greatland stake achieving an estimated 230% gain, and the Discovery shares returning about 200%, Newmont said in a statement.

The Discovery shares were sold in two tranches, in May and July, after the company agreed to waive provisions under the investor rights agreement tied to the Porcupine transaction. Following the latest divestment, Newmont no longer holds any equity in Discovery.

The Greatland sale, conducted in cooperation with the Australian explorer, saw Newmont divest half its stake, reducing its holding to 9.9%. The equity was part of the consideration for the Telfer-Havieron transaction in 2024.

“With today’s announcement, Newmont now expects to generate $3.0-billion in after-tax cash proceeds from its divestiture programme in 2025,” the company said, adding that the funds would support capital allocation priorities including debt reduction and shareholder returns.

Newmont embarked on a noncore divestiture programme following its 2023 acquisition of Newcrest Mining.