Newmont with so far the biggest mining acquisition in 2023

One of this year’s highest mining deals was completed last week. The $15 billion acquisition resulted in adding five operating mines and two advanced projects to Newmont Corporation’s portfolio. This completed operation will enable divestment which should bring a ca of $ 2 billion and will allow to evaluate which exploration projects should be prioritized in the next two years. Tom Palmer expressed: “It will result from a combination of asset divestments and the resequencing of projects to ensure we have the appropriate and consistent allocation of cash for reinvestment.”

Mines under consideration

Mines that are under consideration are Newmont’s Cripple Creek & Victor Mine in Teller County. Even though Cripple Creek has brought 134,000 ounces of gold in the last 9 months (a 7% increase compared to 2022), the result of this mine brings one of the smallest contributions to the general pool.

Problems to solve

This record transaction can be the answer to Newmont’s stalled production. The bullion production has been at the same level in the last three years. This can be explained by the harder-to-mine deposits, rising input costs, and unexpected events.