Newmont completes sale of divestment operations in Ghana, Canada
Newmont Corporation has officially completed the sale of its Akyem operation in Ghana and the Porcupine mine in Canada, marking the conclusion of its non-core asset divestiture program.
This strategic initiative, first announced in early 2024, was designed to streamline Newmont’s global portfolio by offloading operations that were not central to its long-term vision. The total value targeted from the program was up to $4.3 billion, including $3.8 billion from non-core assets and $527 million from other investment sales.
Transactions
As of 2025, Newmont has successfully raised over $2.5 billion in cash through this initiative. Notably, earlier in the year, the company generated $1.7 billion from the sale of three non-core assets in the United States. With the latest transactions, Newmont has divested all six non-core operations initially earmarked for sale. The company stated that this influx of capital would be used to strengthen its financial position and support shareholder returns through continued share repurchases.
The Akyem mine was acquired by Zijin Mining Group for up to $1 billion, with the transaction valued at approximately 7.31 billion yuan. Meanwhile, the Porcupine mine in Ontario was sold to Discovery Silver in a deal that included a $200 million cash payment and around 119.7 million Discovery common shares, representing a 15% equity stake. These shares will be held by Goldcorp, a fully owned subsidiary of Newmont. Additionally, Discovery Silver will pay $150 million in deferred cash over four years starting in late 2027.
Newmont CEO Tom Palmer emphasized that the completion of these sales represents a significant achievement for the company, highlighting its commitment to financial discipline and shareholder value. Discovery Silver’s CEO, Tony Makuch, noted that the acquisition of Porcupine significantly strengthens Discovery’s position in the North American precious metals sector, complementing its Cordero silver project in Mexico.
