08:37 AM EST, 11/25/2024 (MT Newswires) -- Newmont ( NEM ) edged down in premarket New York trading after the company on Monday said it agreed to sell its Eleonore mine in northern Quebec to closely held Dhilmar Ltd for $795 million as it continues to dispose of non-core assets.

The world's No. 1 gold miner said Dhilmar is a newly formed U.K. company led by Alexander Ramlie, who remains president of Indonesia's PT Amman Mineral Internasional, which acquired Newmont's ( NEM ) Batu Hijau copper and gold mine in that country in 2016.

The Eleonore mine in Quebec's Eeyou Istchee James Bay region, 800-kilometers north of Montreal, opened in 2015 and produces 215,000 ounces of gold per year, not significant enough to be one of the Tier One gold mines Newmont ( NEM ) is refocusing its portfolio into.

"Today's announcement is another step forward in Newmont's ( NEM ) journey to create a go-forward portfolio of Tier 1 gold and copper assets, each with the scale and mine life to generate strong free cash flows for several decades," chief executive Tom Palmer said in a release.

Newmont ( NEM ) said with the sale of the Quebec property, the divestiture program put in place following its 2023 purchase of Newcrest Mining has now sold off $3.6 billion of assets, well ahead of its original $2-billion target. It expects to complete the sale of its other non-core North American assets by the end of March.

Newmont ( NEM ) shares were last seen down US$0.62 to US$42.76 in premarket trade. They closed up $0.15 to $60.60 Friday on the Toronto Stock Exchange.