Newmont sells Coffee gold project for $150 million

Newmont Corp (NYSE: NEM) has agreed to sell its Coffee gold project in Canada’s Yukon Territory to Fuerte Metals (TSXV: FMT) for up to $150 million, completing a year-long divestment plan.Under the deal, Newmont will receive $10 million in cash at closing and $40 million in Fuerte shares. The company will also retain a 3% net smelter return royalty on the project, which Fuerte can repurchase for up to $100 million.The sale finalizes Newmont’s exit from eight non-core assets it put on the block in early 2024, including the Éléonore mine in Quebec, the Musselwhite and Porcupine mines in Ontario and its 70% stake in the Havieron project in Western Australia. Newmont to sell six non-core assets in Canada, AustraliaNewmont chief executive officer Tom Palmer said the transaction aligns with the company’s strategy to streamline its portfolio and sharpen focus on core operations. He added that Fuerte is positioned to advance Coffee “in a socially and environmentally conscious manner” while maintaining commitments to First Nations and other stakeholders.Through the deal, Newmont will hold about 27% of Fuerte’s shares via its Goldcorp Canada subsidiary, joining Agnico Eagle, Pierre Lassonde, and Trinity Capital Partners as major shareholders. Lassonde served as Newmont’s president from 2002 to 2007.The US-based gold giant, which continues to operate the Brucejack and Red Chris mines in Canada, applied last week to voluntarily delist from the Toronto Stock Exchange, citing low trading volumes.‘Transformational‘Fuerte Metals called the Coffee acquisition transformational. CEO Tim Warman said the project is on track to complete permitting and has the backing of strong technical and financial partners. Coffee holds one of the largest and highest-grade heap leach resources globally, with three million ounces of measured and indicated resources at 1.15 g/t gold.Fuerte said it plans to finish a preliminary economic assessment in the first half of 2026 and a feasibility study later that year.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com