Newmont unloads Colorado assets, still no word on Porcupine Division
Newmont Corporation has announced the sale of its Cripple Creek & Victor (CC&V) operation in Colorado, USA, to SSR Mining Inc. for up to $275 million. This transaction marks a significant step in Newmont’s ongoing divestiture program aimed at streamlining its portfolio and focusing on Tier 1 gold and copper assets.
“We are excited to announce the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets,” said Tom Palmer, Newmont’s President and CEO. “We are confident that SSR has the capability to deliver the next phase of life for CC&V, the employees who work there, and local stakeholders.”
There's still no indication whether a buyer has been acquired for the Porcupine (Timmins) division of Newmont assets which includes the Borden Mine in Chapleau.
The transaction, expected to close in the first quarter of 2025, includes $100 million in cash upon closing, with an additional $175 million contingent on regulatory approvals and resolution of applications related to the Carlton Tunnel.
As part of the agreement, Newmont will cover 90% of incremental closure costs above $500 million as determined by a future regulator-approved closure plan. This sale aligns with Newmont’s broader strategy, which has generated up to $3.9 billion in gross proceeds from non-core asset sales in 2024 alone.
Other recent divestitures include the Telfer operation and Newmont’s 70% interest in the Havieron project, the Akyem operation, and the Musselwhite and Éléonore mines. Together, these transactions highlight Newmont’s focus on optimizing its asset portfolio and reinforcing its status as an industry leader.
Founded in 1921, Newmont remains the world’s top gold producer and a leader in copper, zinc, lead, and silver production, underpinned by its strong environmental, social, and governance commitments. The company’s divestiture program, launched in February 2024, is expected to conclude by early 2025.
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