12:49 PM EDT, 09/10/2024 (MT Newswires) -- Newmont ( NEM ) agreed to sell some mining assets in Australia to Greatland Gold with gross proceeds of up to $475 million in cash and equity.

The agreement covers the sale of Newmont's ( NEM ) Telfer operation and its 70% interest in the Havieron gold-copper project, as well as other related interests in the Paterson region. The transaction is expected to close in Q4, Newmont ( NEM ) said Tuesday in a statement.

Newmont ( NEM ) said it will get $207.5 million in cash due upon closing, $167.5 million in Greatland shares, which will be issued upon closing, and up to $100 million in deferred contingent cash.

Denver-based Newmont ( NEM ) said "minor adjustments" have been made to noncore gold and copper production guidance for 2024 to reflect the Telfer divestiture.

Greatland is based in London.

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