Newmont sells Telfer and Havieron for up to $475M

Newmont announces that, as part of its ongoing program to divest non-core assets, it has agreed to sell the Telfer operation, Newmont’s 70% interest in the Havieron gold-copper project, and other related interests in the Paterson region, all in Australia, to Greatland Gold. The transaction is expected to close in Q4. Under the terms of the agreement, Newmont expects to receive gross proceeds of up to $475M, which includes: Cash consideration of $207.5M, due upon on closing; Equity consideration of $167.5M in the form of Greatland shares, to be issued upon closing; Deferred contingent cash consideration of up to $100M. “The transaction announced today represents the first asset sale in the divestiture program announced in February. I am pleased that Telfer and Havieron are being sold to Greatland, a company with a highly experienced management team and board of directors. I have full confidence that the Greatland team will be outstanding stewards of these assets”, said Tom Palmer, Newmont’s CEO. “Including the Telfer divestiture, we continue to expect to reach at least $2 billion in total proceeds from the sale 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.”