Denver-based gold company sells Canadian mine for $425 million
- Newmont Corporation is selling its Porcupine operation in Ontario to Discovery Silver Corp for up to $425 million, which includes $200 million in cash and $75 million in equity upon closing.
- The sale is part of Newmont's strategy to streamline its portfolio, with total proceeds from divestitures expected to reach $4.3 billion after this transaction.
- Discovery Silver aims to establish itself as a new Canadian gold producer with significant production potential, averaging over 285,000 ounces annually for the next 10 years.
- The transaction is set to close in the first half of 2025, pending regulatory approvals and other customary conditions.
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Total News Sources0
Leaning Left2Leaning Right2Center3Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
42% Center
L 29%
C 42%
R 29%
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