Newmont Corp (NYSE: NEM) has agreed to sell its Coffee gold project in Canada’s Yukon Territory to Fuerte Metals (TSXV: FMT) for up to $150 million, completing a year-long divestment plan.
Under the deal, Newmont will receive $10 million in cash at closing and $40 million in Fuerte shares. The company will also retain a 3% net smelter return royalty on the project, which Fuerte can repurchase for up to $100 million.
The sale finalizes Newmont’s exit from eight non-core assets it put on the block in early 2024, including the Éléonore mine in Quebec, the Musselwhite and Porcupine mines in Ontario and its 70% stake in the Havieron project in Western Australia.
Newmont chief executive officer Tom Palmer said the transaction aligns with the company’s strategy to streamline its portfolio and sharpen focus on core operations. He added that Fuerte is positioned to advance Coffee “in a…
