Newmont to sell off several properties, including those in Timmins area
Newmont, the world's largest gold mining company, announced Thursday it's selling several of its properties, including those in the City of Timmins.
The company said the mines are "attractive and healthy assets" but they "no longer fit" within its long-term strategy.
It plans to divest the six assets within 12 months.
“Newmont Porcupine comprises the total footprint in and around Timmins including Hoyle underground mine, Hollinger Open Pit, the Pamour Open pit (which is in development) and the Dome Mill,” said Newmont spokesperson Jennifer Pakradooni said in an email.
“It’s also inclusive of Borden Mine in Chapleau which sends ore to the Dome Mill. Newmont also manages a number of closed sites in the Timmins area.”
Pakradooni said the company will meet all of its obligations under the Hollinger Open Pit subsequent land use plan, a contract that Porcupine entered into with the Municipality of Timmins.
Newmont, the world's largest gold mining company, announced Thursday plans to sell off mines in the Porcupine camp. (Lydia Chubak/CTV News)
She said the properties will continue operating normally until they are sold.
“The mines being sold are good assets and should benefit from a new owner whose strategy is better aligned to the needs of these assets,” Pakradooni said.
“Additionally, under new ownership these sites are much more likely to receive more leadership attention and greater likelihood of capital investment.”
Newmont has 4,000 employees in Canada and she said they don’t expect job losses to result from the sales.
Timmins MPP and Ontario Minister of Mines George Pirie said Newmont is creating a suite of assets that will produce a million ounces of gold, which makes for a substantial portfolio.
Pirie credits the province with making mining an attractive investment in the province.
"We're doing our job," said Pirie.
"People want to invest in Ontario because it's a good jurisdiction to invest in and selling the gold assets in Canada and particularly the two in Ontario mean they feel they can sell these assets."
Pirie said it's a good news story for Timmins. Timmins Mayor Michelle Boileau was unavailable for comment.
CTVNews.ca Top Stories
Chants of 'shame on you' greet guests arriving for the annual White House correspondents' dinner
An election-year roast of U.S. President Joe Biden before journalists, celebrities and politicians at the annual White House correspondents' dinner Saturday.
What is a 'halal mortgage'? Does it make housing more accessible?
The 2024 federal budget announced on April 16 included plans to introduce “halal mortgages” as a way to increase access to home ownership.
Here's where Canadians are living abroad: report
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
Deadly six-vehicle crash on Highway 400 sparked by road rage incident
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Opinion I just don't get Taylor Swift
It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'doesn't get' the global phenomenon.
Invasive and toxic hammerhead worms make themselves at home in Ontario
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Harvey Weinstein hospitalized after return to New York from upstate prison
Harvey Weinstein’s lawyer said Saturday that the onetime movie mogul has been hospitalized for a battery of tests after his return to New York City following an appeals court ruling nullifying his 2020 rape conviction.
'We are declaring our readiness': No decision made yet as Poland declares it's ready to host nuclear weapons
Polish President Andrzej Duda says while no decision has been made around whether Poland will host nuclear weapons as part of an expansion of the NATO alliance’s nuclear sharing program, his country is willing and prepared to do so.
Central Alberta queer groups react to request from Red Deer-South to reinstate Jennifer Johnson to UCP caucus
A number of LGBQT+2s groups in Central Alberta are pushing back against a request from the Red Deer South UCP constituency to reinstate MLA Jennifer Johnson into the UCP caucus.