Allens has advised Newmont Corporation on the sale of its Telfer mining operation and its 70% interest in the Havieron development project, together with related interests in the Paterson region, to Greatland Gold.
The divestment of the two Western Australian gold and copper projects forms part of Newmont's strategy to divest its non-core assets, announced after Newmont successfully acquired Newcrest Mining in 2023, and consolidated its position as the world's leading gold producer.
The sale agreement sees Newmont receive gross proceeds of up to US$475 million, including cash consideration of US$207.5 million, equity consideration of US$167.5 million of Greatland shares, and deferred contingent cash consideration of up to US$100 million.
'We are pleased to have worked closely with Newmont on the sale of the historically significant Telfer Gold Copper Mine, as Newmont works towards its focused, tier one strategy,' said lead Partner Igor Bogdanich.
'We see this sale as part of an ongoing trend towards consolidation and new growth opportunities. We expect M&A levels to increase in the gold sector into 2025, with high gold prices generating a greater volume of activity, and copper assets still being highly sought after due to the energy transition and constraints on supply.'
