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Newmont Mining Corp(NEM-N)

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Gold miner Newmont beats fourth-quarter profit estimates, plans to divest mines in Canada, Australia

Reuters - Thu Feb 22, 6:33AM CST

Newmont Corp NEM-N, the world’s largest gold miner, beat fourth-quarter profit estimates on Thursday and said it will divest six non-core assets.

The assets being divested include its Eleonore mine in Quebec and Porcupine mine in Ontario, along with two non-core projects including the Coffee mine in Yukon and Newcrest’s Havieron mine in Western Australia.

On an adjusted basis, the company posted a net income of 50 cents per share for the quarter ended Dec. 31, compared with analyst estimates of 46 cents per share per LSEG data.

The Denver, Colorado-based miner said it intends to focus on its 10 tier-1 assets which will drive long-term growth and forecast 2024 production guidance of nearly 6.9 million gold ounces, compared with the 5.5 million gold ounces produced in 2023.

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