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Newmont (NYSE: NEM, TSX: NGT) announced on Monday that it would sell its Éléonore mine in Quebec to UK-based miner Dhilmar Ltd for $795 million in cash, as part of its ongoing efforts to divest non-core assets.
Éléonore is one of the largest gold mines in Quebec.
The underground mine is located in Eeyou Istchee/James Bay, 800 km north of Montreal. It produced its first gold on October 1, 2014, and achieved commercial production on April 1, 2015. The mine has an annual gold production of 215 thousand ounces.
This transaction marks the second in a series of planned divestments by Newmont. The deal is expected to close in the first quarter of 2025.
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 3.23% by 11:10 p.m. EDT. The miner has a market capitalization of $47.79 billion.
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