BUZZ-Newmont falls on $425 mln gold mine sale

Shares of gold miner Newmont Corporation NEM.N fall 2.2% to $41.11

NEM says it is selling its Porcupine operation in Ontario, Canada, to Discovery Silver Corp DSV.TO for $425 mln

NEM says it expects to generate up to $4.3 bln in total proceeds from the sale of its non-core assets and investments

NEM has divested or has agreements in place to divest all six operations and one project classified as held for sale

The sale is part of NEM's program to divest non-core assets and focus on its Tier 1 assets, co says

The proceeds from these sales will be used to reduce debt and return capital to shareholders - NEM

The Porcupine Complex, a group of mining operations, has an annual gold production of 260,000 ounces as of Dec. 2023

The sale expected to close H1 2025

NEM fell ~9% in 2024