\nUnder the terms of the agreement, Newmont expects to receive gross proceeds of up to $275 million, which includes:<\/p>\n
- \n
- \nCash consideration of $100 million, due upon closing<\/p>\n<\/li>\n
- \nDeferred contingent cash consideration of $87.5 million upon receipt of pending regulatory approvals3<\/sup><\/li>\n
- \nDeferred contingent cash consideration of $87.5 million upon resolution of regulatory applications relating to the Carlton Tunnel4<\/sup><\/li>\n<\/ul>\n
\nUpon completion of an updated regulator-approved closure plan and in the event aggregate closure costs at CC&V exceed $500 million, Newmont will be responsible for funding 90% of the incremental closure costs in such updated closure plan, either on an as-incurred basis or pursuant to a net present value lump sum payment option.<\/p>\n
\n\u201cWe are excited to announce the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets,\u201d said Tom Palmer, Newmont’s President and Chief Executive Officer<\/b>. \u201cWe are confident that SSR has the capability to deliver the next phase of life for CC&V, the employees who work there, and local stakeholders.\u201d<\/p>\n
Divestiture Program Progress<\/b><\/p>\n
\nIn February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian, and North American business units. The sale of Telfer operation and Newmont’s 70% interest in the Havieron project closed on December 4, 2024. With definitive agreements in place to divest four other operations, the Company is focused on completing the divesture program for its non-core assets, which are expected to conclude in the first quarter of 2025.5<\/sup><\/p>\n
\nTotal gross proceeds from transactions announced in 2024 to date are expected to be up to $3.9 billion. This includes $3.4 billion from non-core divestitures and $527 million from the sale of other investments, detailed as follows:<\/p>\n
- \n
- \nUp to $475 million from the sale of the Telfer operation and Newmont’s 70% interest in the Havieron project;<\/p>\n<\/li>\n
- \nUp to $1.0 billion from the sale of the Akyem operation;<\/p>\n<\/li>\n
- \nUp to $850 million from the sale of the Musselwhite operation;<\/p>\n<\/li>\n
- \n$795 million from the sale of the \u00c9l\u00e9onore operation;<\/p>\n<\/li>\n
- \nUp to $275 million for the sale of the CC&V operation; and<\/p>\n<\/li>\n
- \n$527 million from the completed sale of other investments, including the sale of the Lundin Gold stream credit facility and offtake agreement, and the monetization of Newmont’s Batu Hijau contingent payments.<\/p>\n<\/li>\n<\/ul>\n
Advisers and Counsel<\/b><\/p>\n
\nIn connection with the CC&V transaction, BMO Capital Markets acted as financial adviser and Davis Graham & Stubbs LLP acted as legal adviser.<\/p>\n
About Newmont<\/b><\/p>\n
\nNewmont is the world\u2019s leading gold company and a producer of copper, zinc, lead, and silver. The Company\u2019s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925.<\/p>\n
\nAt Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont\u2019s sustainability strategy and initiatives, go to www.newmont.com<\/a>.<\/p>\n
Cautionary Statement Regarding Forward-Looking Statements<\/b><\/p>\n
\nThis news release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements in this news release include, without limitation, (i) expectations regarding outlook; (ii) statements regarding the sales of CC&V, \u00c9l\u00e9onore, Musselwhite, Telfer and Havieron, and Akyem, including, without limitation, expectations regarding timing and closing of the pending transactions, including receipt of required approvals and satisfaction of closing conditions; (iii) expectations regarding receipt of consideration upon closing and receipt of any deferred contingent cash consideration in the future; and (iv) expectations regarding receipt of gross consideration; and (v) other statements regarding future events or results. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Assumptions include, but are not limited to: (i) certain exchange rate assumptions approximately consistent with current levels; (ii) certain price assumptions for gold, copper, silver, zinc, lead and oil; and (iii) all closing conditions being satisfied.<\/p>\n
\nExpectations regarding the divestment of assets held of sale are subject to risks and uncertainties. Based on a comprehensive review of the Company\u2019s portfolio of assets, the Company\u2019s announced a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include CC&V, Musselwhite, Porcupine, \u00c9l\u00e9onore, Telfer, and Akyem, and the Coffee development project. While the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale there is a possibility that the assets held for sale may exceed one year, or not occur at all, due to events or circumstances beyond the Company’s control. As of the date of this release, no binding agreements have been entered into with respect to the sale of the Porcupine Operation or the Coffee development project. See the September 10, 2024 press release for further details re the agreement to divest Telfer and Havieron, the October 8, 2024 press release for further details re the agreement to divest Akyem, the November 18, 2024 press release for further details re the agreement to divest Musslewhite, and the November 25, 2024 press release for further details re the agreement to divest \u00c9l\u00e9onore. Each are available on Newmont\u2019s website. Closing of such transactions remain subject to certain conditions as indicated in such releases and notes thereto. No assurances can be provided with respect to satisfaction of closing conditions, the timing of closing of the transaction or receipt of contingent consideration in the future. As noted in the footnotes to this press release, the closing of the CC&V sale remains subject to no material adverse change and no transaction-related litigation, the completion of the pre-closing reorganization, and regulatory approvals, including the Hart-Scott-Rodino Act review in the United States.<\/p>\n
\nFor a discussion of risks and other factors that might impact future looking statements and future results, see the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) on February 29, 2024, under the heading \u201cRisk Factors”, and other factors identified in the Company’s reports filed with the SEC, available on the SEC website or at www.newmont.com<\/a>. The Company does not undertake any obligation to release publicly revisions to any \u201cforward-looking statement,\u201d including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued \u201cforward-looking statement\u201d constitutes a reaffirmation of that statement.<\/p>\n
- \nDeferred contingent cash consideration of $87.5 million upon resolution of regulatory applications relating to the Carlton Tunnel4<\/sup><\/li>\n<\/ul>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20241205865134\/en\/765162\/3\/Newmont-Color-RGB.jpg\")
<\/td>\n<\/tr>\n