Latest news with #Greatland
Business Wire
7 days ago
- Business
- Business Wire
Newmont Announces Monetization of Equity Received Through Successful Divestiture Program
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) ('Newmont' or the 'Company') is pleased to announce that it has executed agreements for the sale of shares in Greatland Resources Limited ('Greatland') and Discovery Silver Corp ('Discovery') for aggregate cash consideration of approximately $470 million, net of taxes and commissions. In February 2024, Newmont announced its intent to divest certain high-quality non-core assets, building an unparalleled portfolio of world class gold and copper operations and projects. The monetization of the Greatland and Discovery shares further streamlines Newmont's equity portfolio, while generating cash for the business. Newmont remains on track to deliver on its 2025 guidance, while continuing to generate strong free cash flow from the Company's world class portfolio of high-quality, long-life assets. With today's announcement, Newmont now expects to generate $3.0 billion in after-tax cash proceeds from its divestiture program in 2025 to support Newmont's capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders. Sale of Greatland Shares Working in conjunction with Greatland, Newmont agreed to divest half of its shares in June 2025. The Greatland shares sold were received as part of the consideration for the divestment of the Telfer operation and Newmont's 70% interest in the Havieron gold-copper project to Greatland in 2024 (the 'Telfer-Havieron Transaction'). The sale reflects an approximately 230% return relative to the value announced at the time of the Telfer-Havieron Transaction. Following the sale of the shares, Newmont's remaining equity stake in Greatland is approximately 9.9%. Sale of Discovery Shares Working in conjunction with Discovery, Newmont agreed to divest 100% of its shares in May 2025 and July 2025. The Discovery shares sold were received as part of the consideration for the divestment of the Porcupine mine to Discovery in 2025 (the 'Porcupine Transaction'). The sales reflect an approximately 200% return relative to the value announced at the time of the Porcupine Transaction. To facilitate the sales, Discovery agreed to waive certain provisions of the Investor Rights Agreement entered into between the parties with respect to the Porcupine Transaction. Following the settlement of the July 2025 sales 1, Newmont will not be a shareholder of Discovery. About Newmont Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to Cautionary Statement Regarding Forward-Looking Statements This news release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements in this news release include, without limitation, expectations regarding divestment of non-core asset and completion of the most recent July agreements for the sale of Discovery shares, including expectations regarding net proceeds. Such statements remain subject to risk and uncertainties, and are based upon assumptions, including, without limitation, final settlement of the share sale transaction, which has not yet occurred as of the date of this release. Forward-looking statements may also include expectations regarding 2025 guidance, including free cash flow generation, capital allocation priorities, future financial performance and portfolio strength. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Estimates or expectations of guidance or future financial performance are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. The Company does not undertake any obligation to release publicly revisions to any 'forward-looking statement,' including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued 'forward-looking statement' constitutes a reaffirmation of that statement. This announcement does not constitute or form part of any offer or invitation or inducement to sell, or any solicitation of any offer to purchase, any securities of Greatland or Discovery nor shall there be any sale of these securities, in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 1 The sales of Discovery shares in July 2025 are subject to final settlement, currently anticipated to be in late-July 2025.
West Australian
16-06-2025
- Business
- West Australian
Greatland Gold guns for $4.4 billion ASX arrival next week
Australia's next big gold debutant will make a $4.4 billion splash when it arrives on the ASX this month, surpassing many of its WA mid-tier peers all uplifted by the yellow metal's thunderous run. Greatland Gold has locked in commitments to raise $50 million with Australian investors after landing on an offer price of $6.60 a share — a 19.5 per cent premium on the company's share price the day before its prospectus was lodged. The agreed rate for a slice of the Pilbara gold miner had been at the top end of the range Greatland had been shooting for, the company told the London Stock Exchange on Monday. 'The exceptional demand received for the Australian offering is testament to the quality and opportunity of Greatland's Telfer mine and world-class Havieron brownfield development project,' chief executive Shaun Day said. 'The ASX is a natural listing venue for Greatland.' The London-listed company took control of the famed Telfer gold mine in the Pilbara from behemoth Newmont in December last year, and has since churned out more than 90,000 ounces of gold. Still retaining its spot as the company's biggest backer, Newmont will offload $440m worth of Greatland shares — or about half its stake — as part of aJU secondary offer tied in with the listing deal. It was not disclosed who would take on the new shares. With a $4.4 billion market capitalisation, Greatland will sit among the top end of WA's mid-tier gold set when it begins trading on the ASX on June 24. The miner will be level pegging with Capricorn Resources, and ahead of the likes of Regis Resources, Ramelius Resources and Westgold Resources. As well as gold production, Greatland is also eyeing copper output from the undeveloped Havieron deposit it discovered in WA's Paterson region. Greatland also has a farm-in and joint venture arrangement with Rio Tinto's exploration subsidiary for 1500sqkm of ground south of the two projects. Gold's bull run has been spurred by fresh conflict in the Middle East, taking an ounce of the precious metal to $US3415.46 ($5244.95) at 5pm local time on Monday, closing in on touching an all-time high of $US3500 achieved in April. Brokers Barrenjoey, Canaccord Genuity and Bank of America are acting as joint lead managers. on the listing and raising.
