Newmont Sells Canadian Gold Mine to Discovery Silver for $425 Million

Newmont Corp. will sell its Porcupine gold mine in Ontario for as much as $425 million as it wraps up its plan to offload assets following its acquisition of Newcrest Mining Ltd.

Porcupine was among several so-called tier-two assets that Newmont offered for sale last year, and the disposal brings total proceeds from the divestment campaign to $4.3 billion, the Denver-based mining company said Monday. It will sell the operation to Discovery Silver Corp. and expects the deal to close in the first half of 2025.

Shares of Newmont fell 1.6% as of 9:33 a.m. in New York.

Newmont has been using money from asset sales, which also included its Musselwhite gold mine in November, to pay down debt in the wake of its roughly $15 billion acquisition of Newcrest in 2023. That deal cemented its position as the world’s top gold miner, operating 20 mines in 11 countries, while also boosting its exposure to copper.