01:44 PM EST, 11/25/2024 (MT Newswires) -- Newmont ( NEM ) said Monday it has agreed to sell its Eleonore gold operation in Northern Quebec, Canada, to UK-based private mining company Dhilmar for $795 million in cash.

The deal is part of the mining giant's plan to divest noncore assets outlined earlier this year. Newmont ( NEM ) previously announced the sale of its Akyem gold operation in Ghana for up to $1 billion and the sale of the Musselwhite gold mine in Ontario for up to $850 million.

Newmont ( NEM ) expects gross proceeds from transactions announced so far this year to be up to $3.6 billion.

"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 Monday statement.

Newmont ( NEM ) shares were down 2.9% in afternoon trade.

The company committed to generating at least $2 billion in cash via portfolio optimization when it announced its acquisition of Newcrest last year. With the Eleonore deal, Newmont ( NEM ) has surpassed its target by more than $1.5 billion to date, Palmer said.

The company expects to close the Eleonore transaction in the first quarter of 2025, subject to the satisfaction of certain conditions.

Newmont ( NEM ) said it is focused on completing the sales processes for its remaining North American noncore assets, expected to conclude in the first quarter.

Last month, the company reported third-quarter adjusted earnings of $0.81 a share, up from $0.36 a year earlier, while sales grew to $4.61 billion from $2.49 billion.

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