The US-based miner has also identified an additional $500 million in cost and productivity improvements, including job cuts.
“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 said in a statement.
After the divestments, the gold giant will focus on ten tier-1 assets, its “go-forward portfolio”, which it plans to secure long-term growth.
“Our go-forward portfolio is the new standard for gold and copper mining [and] provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector,” Palmer said.
Tier 1 assets are “company making” mines and projects, which are not only large in size, but also have a long productive life and low costs.
Challenges
The gold giant, which also announced its fourth quarter and full-year 2023…
