CHAPLEAU EXPRESS
Local News Weekly
705 - 864 - 2785
Free to Every Household
Vol. 28, Issue 25, February 29, 2024
705 - 864 - 0911
Newmont Puts Gold Mines Up for Sale to Help Raise $2 Billion
N
ewmont Corp., the world’s top gold producer, will seek to sell six mines and two projects in a set of divestitures aimed at generating $2 billion in cash. T h e D e n v e r- b a s e d c o m p a n y s a i d Thursday it intends to divest three Canadian gold mines — Éléonore, Musselwhite and Porcupine — along with Cripple Creek & Victor in the US, Akyem in Ghana and Australia’s Telfer mine. It also plans to sell two “non-core” projects, Havieron in Australia and Coffee Gold in Canada. The firm first signaled plans to sell assets after closing its roughly $15 billion acquisition of Newcrest Mining Ltd. in November, solidifying its position as by far the world’s biggest gold producer. With the takeover, Newmont now operates 20 mines in 11 countries and expects to produce 6.7 million ounces of gold annually by 2028. The firm on Thursday reported adjusted earnings of $0.50 a share in the fourth quarter, beating analyst expectations compiled by Bloomberg. It produced 5.5 million gold ounces in 2023, more than the consensus estimate. In an interview, Chief Executive Officer Tom Palmer said the mines being divested do not meet the company’s criteria of “Tier 1” assets — producing 500,000 gold equivalent ounces or more, having a life of at least 10 years, and being located in top jurisdictions. Long Term “ We h a v e a Forecast number of Tier 2 assets Thursday that are very good assets, High -13 run by very good people, Low -15 but that don’t make our Friday Tier 1 category,” Palmer High 4 Low 0 said. The company has Saturday High Low
already begun receiving interest from potential buyers, Palmer said. It plans to divest the six assets within 12 months. “Newmont Porcupine comprises the total footprint in and around Timmins including Hoyle underground mine, Hollinger Open Pit, the
Pamour Open pit (which is in development) and the Dome Mill,” said Newmont spokesperson Jennifer Pakradooni said in an email. “It’s also inclusive of Borden Mine in Chapleau which sends ore to the Dome Mill. Newmont also manages a number of closed sites in the Timmins area.”
Yarn-a-Thon raises $8020.00 for the Legion
A cheque being presented to Legion officials by Chantal Servant and Tara O’Hearn. From left to righ :Mireille Larocque, Rosane Connelly, Alex Lambruschini, Gisele Legge, Gisele Robitaille, Tara O'Hearn, Melanie Benner, Chantal Servant Fiaschetti, Line Fuchs, Lorraine Lemieux, James Apsey, Estelle Lambert, Stephanie Tangie
7 -1
Sunday High 8 Low 4
MISSION
Monday High 9 Low -2
61 Mission Road, Wawa, ON, P0S 1K0 Phone (705) 856-2394
Tuesday High 5 Low -5
MOTORS ofWAWA