Newmont Prepares to Sell Mines as Newcrest Acquisition Closes – by Jacob Lorinc (Bloomberg News – November 6, 2023)

(Bloomberg) — Newmont Corp., the world’s top gold producer, will forge ahead on a plan to find $2 billion in cash including through mine sales and project divestments after closing the largest takeover in the mining industry this year.

Denver-based Newmont closed its roughly $15 billion acquisition of Newcrest Mining Ltd. on Monday, ending a nearly year-long effort to buy the Australian gold miner.

Now, with all regulatory hurdles out of the way, Newmont CEO Tom Palmer says the combined company can start a process to sell mines and decide which exploration projects to prioritize over the next two years.

“It will come from a combination of divestments of assets and resequencing of projects so that we ensure we’ve got the appropriate and steady allocation of cash for reinvestment,” said Palmer in an interview.

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