Newmont Declared Divestment of Non-Core Mining Assets

SEATTLE (Scrap Monster): Colorado-based American gold mining major, Newmont Corporation, in a statement, disclosed its intention to divest the Cripple Creek and Victor Mine along with five other mines. This is part of company’s strategy to divest its non-core mining assets.

According to company disclosure, the plan comprises of divesting six non-core assets including Elenore, Musselwhite, Porcupine, CC&V, Aykem and Telfer. The above six mines will not be considered as “Tier-1” candidates and will be offered up for sale. All of the above assets are attractive, healthy, non-distressed, the statement said. Meantime, the sale price has not been disclosed.

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The CC&V gold mine was bought from AngloGold Ashanti Ltd. in 2015 for $820 million in cash, plus a 2.5 percent net smelter return royalty. The company has undertaken major expansion works at the mine including construction of a new leach pad, recovery plant and a new mill to boost production. The investment was aimed at ensuring improved productivity and longer mine life.

Tom Palmer, Newmont’s President and Chief Executive Officer noted that the company aims to integrate and transform its Tier-1 assets into world’s best gold and copper operations and projects.