The deal will enable Newmont to generate up to US$2.9-billion in gross proceeds from non-core divestitures
in a deal valued at $850-million that will help more than double its production of the precious metal, the Canadian miner said on Monday.
Prices of gold have rallied to new highs this year, boosted by the U.S. Federal Reserve’s larger-than-expected interest rate cut and demand for the safe haven asset. The company will pay Newmont $810-million in cash and rest in two tranches if gold prices exceed $2,900/ounce and $3,000/ounce for the initial one-year and second full-year period following the deal close, expected in the first quarter.
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