Newmont Corporation (NEM, NGT.TO) said it has agreed to sell its Porcupine operation in Ontario, Canada to Discovery Silver Corp. for up to $425 million in total consideration. The transaction is expected to close in the first half of 2025. Newmont expects to receive gross proceeds of up to $425 million, which includes: cash consideration of $200 million, due upon closing; equity consideration of $75 million in the form of Discovery shares, to be issued upon closing; and deferred cash consideration of $150 million.
Newmont said, upon closing the sale of the Porcupine operation and the previously announced transactions, it will deliver up to $4.3 billion in total proceeds from non-core asset divestitures and investments.
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