Newmont CEO says asset divestments progressing well - Reuters

[CanisLycaon]

The mining industry is ripe for further consolidation driven by demand for metals such as copper needed in the energy transition and challenges accessing capital, the boss of the world's biggest gold miner Newmont Corp NEM.N said on Thursday.

Newmont CEO Tom Palmer pointed to artificial intelligence as a surprisingly large new source of copper demand.

"It's quite remarkable to see that move in AI that we didn't see even two years ago," Palmer said at an industry event in Melbourne.

"The world is going to continue to see the demand for copper drive more buying opportunities," he said.

"And I don't think that's going to be the end of these tectonic plates shifting in the mining industry."...

...Following Newmont's $17.14 billion takeover of Newcrest last year, Palmer said the company was progressing well on plans to divest eight assets, trim its workforce and cut debt.

Newmont is looking to offload its Eleonore and Musselwhite mines and a development project in Canada, a mine in Colorado and the Akyem mine in Ghana. In Australia, the assets up for sale include the Telfer gold mine and a 70% stake in the Haverion copper-gold project that it owns with Greatland Gold GGPL.L.

"(We are) quite excited about the level of interest in each of those assets," he told reporters...

https://www.xm.com/research/markets/all ... l-53854663