Newmont Announces Sale of Eleonore for $795 Million in Cash

Core Insights - Newmont Corporation has agreed to sell its Eleonore operation in Northern Quebec to Dhilmar Ltd for $795 million in cash, with the transaction expected to close in the first quarter of 2025 [1] - The divestment is part of Newmont's strategy to optimize its portfolio, having already exceeded its planned cash flow from such divestitures by over $1.5 billion [2] - Newmont's total gross proceeds from non-core asset divestitures and investment sales are projected to reach up to $3.6 billion upon closure of the transaction [1][2] Financial Performance - Newmont expects fourth-quarter 2024 attributable production of 1.8 million gold ounces, with costs applicable to sales estimated at $1,050 per ounce and all-in-sustaining costs at $1,475 per ounce [5] - Newmont's shares have increased by 4.1% over the past year, while the industry has seen a rise of 20.9% [4] Strategic Focus - In February 2024, Newmont announced plans to sell non-core assets, including six businesses and two projects across its Australian, Ghanaian, and North American operations [3] - The company is currently finalizing the sales processes for its remaining North American non-core assets, expected to be completed by the first quarter of 2025 [3]