Newmont to Sell Yukon Coffee Project for $150 Million

SEATTLE (Scrap Monster): The $150 million sale of Yukon, Canada's Coffee Project to Fuerte Metals Corporation was announced by Newmont Corporation. It is anticipated that the deal will close in the current year's last quarter, provided that specific closing requirements are met.

As per the agreement, Newmont is anticipated to receive gross proceeds of up to $150 million, which includes a 3% Net Smelter Return royalty on the project, an equity consideration of $40 million in the form of Fuerte shares that will be issued upon closing, and a cash consideration of $10 million that is due at closing. Fuerte will still have the option to repurchase for a maximum of $100 million.

Newmont announced earlier this year in February that it intended to sell off its non-core assets, which included two projects and six operations from its business groups in Ghana, Australia, and North America. All six operations and the two projects that were designated as held for sale during that period will have been divested upon the successful conclusion of this transaction.

Goodmans LLP served as Newmont's legal adviser in the deal, while BMO Capital Markets served as its financial advisor.

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