Newmont Sells Musselwhite Mine to Orla Mining for $850 Million

The sale marks a significant step in Newmont's $2 billion divestiture strategy, boosting Orla's gold production.

Newmont will receive $810 million in cash and up to $40 million in contingent payments based on future gold prices.
Orla Mining's acquisition will more than double its gold production to over 300,000 ounces annually.
The Musselwhite mine, located in Ontario, has been operational since 1997 with 1.5 million ounces of gold reserves.
Newmont's divestiture strategy aims to generate up to $2.9 billion in gross proceeds from non-core asset sales.
Gold prices have surged, contributing to a rise in mergers and acquisitions within the gold mining industry.