it plans to sell six non-core assets, including its Éléonore mine in Quebec, the Musselwhite and Porcupine mines in Ontario, the Coffee project in the Yukon Territory and its 70% stake in the Havieron joint venture with Greatland Gold in Western Australia., said that proceeds from the transactions will be used to cut debt. The company, which had $8 billion in debt at the end of 2023, has set a near-term debt-reduction target of $1 billion.
“A big part of our commitment is to deliver $100 million of free cash flow by bringing Newmont and Newcrest together…there is a reduction in headcount in order to achieve those synergies,” chief executive Tom Palmer “Our go-forward portfolio is the new standard for gold and copper mining provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector,” Palmer said.
Its overall performance was affected by several challenges, including $1.9 billion in impairment charges, $1.5 billion in reclamation charges, and $464 million in Newcrest transaction and integration costs.