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Newmont Corporation (NYSE:NEM) disclosed the sale of its Cripple Creek & Victor operation in Colorado to SSR Mining Inc. for up to $275 million in cash.
As per the terms of the agreement, Newmont will receive up to $275 million in gross proceeds. This includes $100 million in cash, payable at closing.
Additionally, Newmont will receive $87.5 million in contingent cash upon securing pending regulatory approvals.
A further $87.5 million will be paid upon resolving regulatory applications related to the Carlton Tunnel.
With this transaction, Newmont will have generated up to $3.9 billion in gross proceeds from non-core asset sales and investments.
The deal is expected to close in the first-quarter of 2025, subject to customary conditions.
Newmont will cover 90% of any incremental closure costs exceeding $500 million at CC&V, as outlined in an updated regulator-approved closure plan.
This funding can be provided on an as-incurred basis or through a net present value lump-sum payment.
“We are excited to announce the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets,” said Tom Palmer, Newmont’s President and Chief Executive Officer.
In February 2024, Newmont disclosed its plans to divest non-core assets, including six operations and two projects across its Australian, Ghanaian, and North American business units.
With definitive agreements in place for four additional operations, the company aims to finalize its non-core asset divestiture program by Q1 2025.
Total gross proceeds from transactions announced in 2024 are expected to reach up to $3.9 billion.
Last month, the company sold its Éléonore mine in Quebec Tuesday to London-based Dhilmar for $795 million in cash.
Investors can gain exposure to the stock via iShares MSCI Global Gold Miners ETF (NASDAQ:RING) and VanEck Gold Miners ETF (NYSE:GDX).
Price Action: NEM shares are up 0.97% at $41.46 at the last check Friday.
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