Newmont sells Telfer and Havieron mines for $714m

[Pelican Press 0]

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Newmont sells Telfer and Havieron mines for $714m

Gold mining giant Newmont has agreed to sell its Telfer mine and a 70 per cent stake in the Havieron mine for $US475 million ($A714 million) as part of a big sell-off of “non-core assets”.

Both West *********** Pilbara mines will be sold to Greatland Gold as part of Newmont’s $A3 billion plan to divest in tier-2 assets so it can prioritise focal projects.

“I have full confidence that the Greatland team will be outstanding stewards of these assets,” said Tom Palmer, Newmont’s president and CEO.

“Including the Telfer divestiture, we continue to expect to reach at least $US2 billion ($A3 billion) in total proceeds from the ***** of our high-quality, non-core assets, enabling us to focus attention on our suite of Tier 1 assets, further reduce debt, and return capital to shareholders.”

Greatland Gold will now own 100 per cent of the Havieron mine, which operated in a ****** venture with Newmont until now.

As part of the *****, Newmont will acquire a 20 per cent share in Greatland Gold, $300 million in cash and up to $150 million once production starts.

Newmont is the world’s leading producer of gold, copper, zinc and lead.

The US company has mines across the world in the Americas, Australia, *******, Papua New Guinea and the Caribbean.

In February, Newmont said it would sell several of its non-core assets, putting Telfer up for grabs with mines in the US, ******* and Australia.

Until now, Greatland Gold’s principle asset was its 30 per cent stake in the Havieron gold-copper mine in the Pilbara.

The company, which focuses in projects in Western Australia, will now operate two mines within 60km of one another.

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