Newmont Corp sells off mining ops, interest in projects with assist from Allens

Allens has assisted Newmont Corporation as it sells off the Telfer mining operation and its 70% interest in the Havieron development project, along with related interests in the Paterson region.

Greatland Gold is on the other end of the deal. As per the sale agreement, the gross proceeds from the deal could reach US$475m, covering a cash consideration of US$207.5m, an equity consideration of US$167.5m from Greatland shares and a deferred contingent cash consideration of up to US$100m.

According to Allens lead partner Igor Bogdanich, the move to divest the two WA-based gold and copper projects comes as Newmont “works towards its focused, tier one strategy”. The strategy was publicised after Newmont picked up Newcrest Mining last year.

“We see this sale as part of an ongoing trend towards consolidation and new growth opportunities. We expect M&A levels to increase in the gold sector into 2025, with high gold prices generating a greater volume of activity, and copper assets still being highly sought after due to the energy transition and constraints on supply”, Bogdanich said.

Bogdanich worked with an Allens team composed of the following:

M&A

• Alexander Ninkov (managing associate)
• Emma Morris (senior associate)
• Lennard Bremer (associate)
• Nic Ruhbach (associate)
• Katherine Manderson (associate)
• Georgina Holborn (lawyer)

Environment

• Eve Lynch (partner)
• Darcy Doyle (managing associate)
• Al Carter (associate)

Projects

• Jodi Reinmuth (partner)
• Lewis Pope (associate)

Tax

• Martin Fry (partner)
• Ria Neilson (senior associate)

Employment and safety

• Simon Dewberry (partner)
• Chloe Wilton (managing associate)
• Phoebe Drake (associate)

Banking and finance

• Rod Aldus (partner)
• Tania Joppich (senior associate)

Capital markets

• Bryn Hardcastle (partner)
• Dave Filov (counsel)

FIRB

• Andrew Wong (M&A counsel)

TMT

• Elyse Adams (partner)
• James Kelly (senior associate)

A Linklaters team comprising partner Jonathan Sadler and associate Zack McGeough pitched in as well.