It's been a busy 12 months for Newmont.
With its $26.2 billion acquisition of Newcrest wrapping up late last year, the miner has gone from major to universal, firmly taking its place as a global gold powerhouse.
Now, Newmont is evolving its strategy. A flurry of activity in recent months has seen the miner put a host of gold mines up for sale, including the Telfer operation it inherited in the Newcrest takeover.
When it comes to gold, it seems Newmont is only hungry for Tier 1 assets. The company brought in 1.7 million attributable gold ounces (oz) in the 2024 March quarter alone, 1.4 million of which was driven by the company's Tier 1 portfolio.
As Newmont optimises its gold portfolio, the major hopes to have 10 Tier 1 gold mines under its belt, more than half of the world's largest gold mines.
But the sell-offs may offer more than a leaner, more stable profile defined by world-class assets. Newmont chief executive officer Tom Palmer recently revealed the company is looking to maximise its copper potential.
With the future importance of copper being increasingly understood, a host of majors are eager to boost their exposure to the base metal.
This story is from the August 2024 edition of Australian Mining.
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This story is from the August 2024 edition of Australian Mining.
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