Newmont to Divest Musselwhite Operation for Up to $850 Million

Core Insights - Newmont Corporation (NEM) has agreed to sell its Musselwhite operation in Ontario, Canada, to Orla Mining Ltd for up to $850 million in total consideration [1] - The agreement includes $810 million in cash at closing and up to $40 million in contingent payments, with completion expected in the first quarter of 2025 [2] - Newmont aims to generate over $2 billion in gross proceeds from non-core divestitures, having already exceeded this goal with total gross proceeds expected to reach up to $2.9 billion this year [2][3] Financial Strategy - Newmont is utilizing free cash flow from operations and divestiture proceeds to enhance long-term shareholder value through a $3 billion share repurchase program approved until October 2026 [4] - The company has made significant progress towards its targeted debt level of $8 billion, retiring approximately $500 million in 2024 [5] Production and Cost Expectations - Newmont anticipates fourth-quarter 2024 attributable production of 1.8 million gold ounces, with costs applicable to sales projected at $1,050 per ounce and all-in sustaining costs at $1,475 per ounce [5] Market Performance - Newmont's shares have increased by 18% over the past year, compared to a 31.1% rise in the industry [5]