08:44 AM EST, 11/25/2024 (MT Newswires) -- Newmont ( NEM ) said Monday it had agreed to sell its Eleonore operation in Northern Quebec, Canada to UK-based mining company Dhilmar for $795 million in cash.

The company said the transaction is expected to close in Q1 2025 and would bring total proceeds from non-core asset divestitures and investment sales to up to $3.6 billion.

Newmont ( NEM ) Chief Executive Tom Palmer said the sale is part of the company's strategy to strengthen its balance sheet and return capital to shareholders.