Newmont climbs to world’s No. 4 miner after $850M asset sales

Newmont (NYSE: NEM, TSX: NGT) became the fourth most valuable mining company in the world on Wednesday after completing its non-core divestiture program with the finalized sales of its Akyem operation in Ghana and Porcupine operation in Canada.

The two transactions are expected to generate approximately $850 million in after-tax cash proceeds, before closing adjustments, the company said.

Newmont’s shares are up 52% year-to-date, including a 3.1% gain in midday trading Wednesday on the New York Stock Exchange, bringing its market capitalization to $63.41 billion.

The share performance stands in stark contrast to its peers — BHP, Rio Tinto and Southern Copper — all of which have seen negative returns so far this year.

Newmont launched its divestiture program in February 2024, aiming to generate up to $4.3 billion in total gross proceeds, including $3.8 billion from non-core asset sales and $527 million from the sale of other investments.

“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early 2024,” Newmont CEO Tom Palmer said in a statement.

The Porcupine mine complex in Ontario was the last asset to be sold. Its sale to Canada’s Discovery Silver (TSX: DSV) was agreed in January, while the $1 billion sale of the Akyem operation to China’s Zijin Mining Group was announced last October.