DENVER — Gold giant Newmont Corp. is putting its lone active mine in Colorado up for sale along with five other sites worldwide to restructure its mine portfolio following its $19.5 billion acquisition last year.
Denver-based Newmont (NYSE: NEM), said it aims to sell the Cripple Creek & Victor mine, a historic gold-producing site southwest of Colorado Springs, and mines in Australia, Canada and Ghana in the next 12 months.
The company completed a deal in November to buy Australia’s Newcrest Mining Ltd, picking up major gold and copper mining operations. Newmont said Thursday it’s selling sites to focus on top-tier producers and to help it raise about $2 billion to reduce its debt following the merger.
Newmont's go-forward portfolio is the new standard for gold and copper mining, said Tom Palmer, Newmont president and CEO, in a press release.
The company said it now has nearly 30% more gold reserves to mine than its nearest peer and nearly 40% more copper reserves, Palmer said.
“No other company in the world can offer the depth and quality that Newmont’s tier one portfolio can today,” he said.
> Read the full story at the Denver Business Journal.
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