Newmont climbs to world’s No. 4 miner after $850M asset sales

Newmont (NYSE: NEM, TSX: NGT) became the fourth most valuable mining company in the world on Wednesday after completing its non-core divestiture program with the finalized sales of its Akyem operation in Ghana and Porcupine operation in Canada.The two transactions are expected to generate approximately $850 million in after-tax cash proceeds, before closing adjustments. The company’s shares are up 52% year-to-date, including a 3.1% gain in midday trading Wednesday on the New York Stock Exchange, bringing Newmont’s market capitalization to $63.41 billion.Top MinersCountryMarket CapShare YTDBHP Group Limited$116.09B-8.80%Rio Tinto Group$98.45B-7.84%Southern Copper Corporation$69.63B-3.33%Newmont Corporation$63.41B51.79%Zijin Mining Group Company Ltd$63.03B17.33%Newmont launched its divestiture program in February 2024, aiming to generate up to $4.3 billion in total gross proceeds, including $3.8 billion from non-core asset sales and $527 million from the sale of other investments.“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early 2024,” Tom Palmer, Newmont’s CEO“With the cash proceeds received this year, we remain committed to continuing to strengthen our balance sheet and return capital to shareholders through ongoing share repurchases.”As part of the asset sales, Discovery Silver (TSE: DSV) acquired the Porcupine operation in January. The complex produced 260,000 ounces of gold in 2023.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com