01:58 PM EDT, 09/17/2024 (MT Newswires) -- Newmont ( NEM ) continues to expect proceeds of at least $2 billion from its divestiture program, which is on track to be completed by the end of Q1 of 2025, Chief Financial Officer Karyn Ovelmen said Tuesday, according to a Capital IQ transcript.

The divestiture of noncore assets will allow the gold miner to "really focus" on its core portfolio as well as reduce debt and buy back shares, Ovelmen said at a forum in Denver.

On Sept. 10, the company announced that it agreed to sell two Australian assets to Greatland Gold for gross proceeds of up to $475 million. The deal, expected to close in Q4, was the first asset sale in the divestiture program announced in February, the company said then.

At the Denver forum, Ovelmen said the process for the divestiture of six noncore assets and a project "is going very well."

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