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

https://www.bnnbloomberg.ca/

(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.

For the rest of this article: https://www.bnnbloomberg.ca/newmont-prepares-to-sell-mines-as-newcrest-acquisition-closes-1.1994576