Newmont Exits Canadian Market to Reduce Costs

about 1 month ago

Christine Aquino

"So increasing some of those earlier gains we saw at the open. And that is because we did get news of its latest steps to exit the Canadian market. So the latest is that Newmont sold a stake of 13.3% in Orla Mining, which is a Canadian mineral exploration company. Last week, we did get the announcement that they're also agreeing to sell its coffee project in the Yukon to Fuerte Metals Corporation for about $150 million."

Newmont (NEM) is streamlining operations by exiting the Canadian market, highlighted by selling a 13.3% stake in Orla Mining and a Yukon coffee project for $150M. The move is intended to reduce costs given low trading volume on the Canadian exchange, while continuing its listing on the NYSE.

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