(Reuters) – Gold miner Newmont said on Friday it sold its stake in Orla Mining for $439 million through the Toronto Stock Exchange as part of its divestiture program.
The company disposed of the entire 43 million shares it held in Orla Mining at $10.14 per share.
Last year, Newmont announced plans to divest non-core assets, trim its workforce and cut debt after its $17.14 billion acquisition of Australian firm Newcrest.
Newmont was looking to unlock more than $2 billion in cash through portfolio optimization following the Newcrest acquisition, with a focus on expanding Tier 1 assets as part of its broader transformation plan.
Since November 2024, the company has divested several of its Canadian assets, including the Musselwhite Gold Mine in Ontario, which it agreed to sell to Orla in an $850 million deal.
The stake sale is part of the company’s push to streamline its equity portfolio and free up cash to support capital allocation priorities, Newmont CEO Tom Palmer said.
(Reporting by Sumit Saha in Bengaluru; Editing by Tasim Zahid)
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