Newmont Ontario gold mine sale opens door for further buybacks - analyst
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Newmont Corporation has sold its Musselwhite gold mine in Ontario to Orla Mining for $810 million. This divestment is part of Newmont's strategy to focus on core assets and may lead to further share buybacks, according to Jefferies analysts.
November 19, 2024 | 4:45 pm
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Newmont Corporation's sale of the Musselwhite gold mine for $810 million is expected to enable further share buybacks, aligning with its strategy to divest non-core assets.
The sale of a non-core asset for a significant amount of $810 million provides Newmont with additional capital. Analysts from Jefferies suggest this could be used for share buybacks, which typically support stock prices by reducing the number of shares outstanding and returning capital to shareholders.
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