Newmont to sell Eleonore operation in Northern Quebec to Dhilmar for $795M

Newmont (NEM) announced that it has agreed to sell its Eleonore operation in Northern Quebec, Canada, to Dhilmar for $795M in cash consideration. The transaction is expected to close in the first quarter of 2025, subject to certain conditions being satisfied. Upon closing the announced transactions, Newmont will have delivered up to $3.6B in gross proceeds from non-core asset divestitures and investment sales. Dhilmar is a newly incorporated, UK-based private mining company. The company is led by its CEO and managing director, Alexander Ramlie, and supported by board members with decades of mining experience across a range of commodities and with both surface and underground operations. Ramlie and his team worked closely with Newmont in 2016 to acquire the Batu Hijau copper and gold mine in Indonesia on behalf of PT Amman Mineral Internasional. In February, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian, and North American business units. With definitive agreements in place to divest four operations and one project, the company is focused on completing the sales processes for its remaining North American non-core assets, which are expected to conclude in the first quarter of 2025. Total gross proceeds from transactions announced in 2024 to date are expected to be up to $3.6 billion. This includes $3.1 billion from non-core divestitures and $527M from the sale of other investments, detailed as follows: up to $475M from the sale of the Telfer operation and Newmont’s 70% interest in the Havieron project; up to $1B from the sale of the Akyem operation; up to $850M from the sale of the Musselwhite operation; $795M from the sale of the Eleonore operation and $527M from the completed sale of other investments, including the sale of the Lundin Gold stream credit facility and offtake agreement, and the monetization of Newmont’s Batu Hijau contingent payments.