A NEW-LOOK NEWMONT

IN THE LESS THAN A YEAR, NEWMONT SUCCESSFULLY OFFLOADED EIGHT NON-CORE GOLD PROJECTS. AUSTRALIAN MINING TAKES A CLOSER LOOK AT THE DIVESTED MINES.

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In February 2024, Newmont, still working out the kinks from its $26.2 billion acquisition of Newcrest Mining, announced its plans to divest eight gold projects.

The move was not without thought. In acquiring Newcrest in November 2023, Newmont had become a world-leading gold miner and needed to keep the momentum going.

So it was decided that the company would divest mines that didn’t meet its criteria of a ‘Tier 1 asset’.

“We have a number of Tier 2 assets that are very good assets, run by very good people, but that don’t make our Tier 1 category,” Newmont president and chief executive officer Tom Palmer said in February 2024.

“With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world’s best gold and copper operations and projects.”

The last project on the list, the Porcupine gold operation in Canada, was sold in January 2025.

Australian Mining takes a look at the year of divestments and profiles the new owners of these emerging mines and projects.

Havieron and Telfer

One of the first transactions to take place saw Newmont part ways with the Telfer gold-copper mine and the Havieron project in Western Australia.

Telfer holds the title as one of Australia’s largest gold-copper mines, while Havieron is one of the largest copper-gold deposits to have been discovered in the Paterson region of WA.

In September 2024, Greatland Gold confirmed it had entered into negotiations with Newmont to acquire Telfer and, less than 24 hours later, that an agreement had been struck.

Newmont officially sold Telfer, its 70 per cent stake in Havieron, and any other related interests in the Paterson region, to Greatland for $734 million in December.

Newmont and Greatland already owned the Havieron project in a 70–30 joint venture.