Newmont CEO Tom Palmer comments on the assets for divestment
Posted: Thu Mar 07, 2024 7:47 am
"There are six assets that we've listed for the investment, or what we call for divestment. Every single one of them are high class assets, each of them have great teams, but they are tier 2 assets, that means that their their production profile is not going to hit our T1 definition so they won't get the management time and the capital within a Newmont portfolio.
So when we look at what's best for those assets, where those assets are going to realise their full potential it's an opportunity for those assets to be cornerstone assets in another company's portfolio and those teams and those bodies can realize their full potential.
If you look back at Newmont's track record over time we divested .....into Northern Star and Northern Star today is a great gold mining company in the Australian context, has assets that were in the Newmont portfolio that are getting the time and attention within within Northern Stars portfolio with KCGM, the superpit, being their their core asset... why when it's the single asset there are many many good stories of Newmont assets finding a home in a portfolio where they can get the time and attention and deliver value for shareholders and and deliver economic livelihood for workforce's and the surrounding communities..."
https://www.youtube.com/watch?v=rTh-ZsKpna4
So when we look at what's best for those assets, where those assets are going to realise their full potential it's an opportunity for those assets to be cornerstone assets in another company's portfolio and those teams and those bodies can realize their full potential.
If you look back at Newmont's track record over time we divested .....into Northern Star and Northern Star today is a great gold mining company in the Australian context, has assets that were in the Newmont portfolio that are getting the time and attention within within Northern Stars portfolio with KCGM, the superpit, being their their core asset... why when it's the single asset there are many many good stories of Newmont assets finding a home in a portfolio where they can get the time and attention and deliver value for shareholders and and deliver economic livelihood for workforce's and the surrounding communities..."
https://www.youtube.com/watch?v=rTh-ZsKpna4