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Newmont (NYSE: NEM, TSX: NGT) announced on Monday that it would sell its Éléonore mine in Quebec to London-based miner Dhilmar for $795 million cash as part of its ongoing efforts to divest non-core assets.
Éléonore is one of the largest gold mines in Quebec, with annual output of 215,000 ounces. The deal is expected to close in the first quarter of 2025.
The underground mine is located in the Eeyou Istchee/James Bay region, about 800 km north of Montreal. It produced its first gold in October 2014 and achieved commercial production the following April.
This transaction marks the second in a series of planned divestments by Newmont.
Last week, Canada’s Orla Mining (TSX: OLA) announced it would acquire Newmont’s Musselwhite gold mine in Ontario for $850 million.
The world’s largest gold miner stated that the Éléonore deal and other sales announced in 2024 would help raise a total of $3.6 billion.
“When we announced the acquisition of Newcrest in 2023, we committed to generating at least $2 billion in cash through portfolio optimization. With this announced sale, we have meaningfully exceeded our target by more than $1.5 billion to date,” said Tom Palmer, Newmont’s president and CEO.
Newmont’s other Canadian assets currently on the market include the Porcupine mines and the Coffee project. The company also plans to sell its Cripple Creek & Victor mine (CC&V) in the United States.
Shares of Newmont fell 2.6% Monday morning in Toronto to C$50.06. The miner has a market capitalization of C$48 billion.
