The head of Newmont Corp., the world’s largest gold producer, says that his company’s current stock price is the lowest it will be for a generation as the miner attempts to consolidate its collection of top-tier assets.
The U.S.-based gold giant recently announced that it will seek to sell six mines and two other projects in order to generate US$2 billion in cash as it transitions to a portfolio of solely tier-one assets; the world’s largest and most-sought after gold mines.
“We’ll have 10 tier-one gold mines in our portfolio, that’s over half of the tier-one gold mines that exist in the world,” Tom Palmer, CEO of Newmont, told BNN Bloomberg in a Tuesday interview. “It’s a really powerful go-forward portfolio for Newmont that comes on the back of that transaction.”
The company said last week that it intends to divest three Canadian gold mines — Éléonore, Musselwhite and Porcupine, as well as Cripple Creek & Victor in the U.S., one mine in Ghana and another in Australia.
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