Newmont Mining has secured a $425 million deal to sell its Porcupine Mine in Ontario to Discovery Silver, marking a strategic pivot toward high-profit assets. The transaction includes $200 million in cash, $75 million in shares, and $150 million deferred over four years. The Porcupine Mine, operational since 1910 with over 70 million ounces of gold extracted, no longer aligns with Newmont’s long-term focus. Meanwhile, the company is capitalizing on the booming copper demand driven by AI data centers and renewable energy. Newmont acquired a 9.5% stake in Metallic Minerals, targeting the La Plata copper-silver project in Colorado, which holds 1.21 billion pounds of copper and 17.6 million ounces of silver.
Digital Demand Drives Copper Strategy
As global copper demand surges—fueled by AI infrastructure and green energy—Newmont is positioning itself as a key player. Analysts warn of a supply crunch, with new mines taking decades to develop. The company’s La Plata investment mirrors its successful Red Chris and Cadia mines, signaling confidence in copper’s role as "the new oil." Investors are watching closely as Newmont balances gold divestments with copper expansion, strengthening liquidity and market agility.
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