Newmont Corp (NEM)

From Sprawling Portfolio to a Lean Tier-1 Major

Read a Newmont profile from two or three years ago and the company looked like an oversized empire of mixed-quality mines — some genuine Tier-1 assets, some that were just 'okay'. Through 2025, Newmont did something rarely seen at this scale: a non-core asset divestiture program that was originally targeting roughly $2 billion ended up raising nearly $5 billion. This was not a routine asset sale — it was a wholesale portfolio transformation.

• Sold the Akyem mine (Ghana)
• Sold the Musselwhite mine (Canada)
• Sold the Porcupine operation (Ontario) to Discovery Silver Corp — up to $425 million (the Akyem + Porcupine deal was bundled as the final leg of the program)
• Sold the Coffee gold project (Yukon) to Fuerte Metals Corp — $10 million cash + $40 million in equity (a 27% stake in Fuerte) + up to $100 million in future royalties

The result: Newmont today is no longer 'the world's largest gold miner with a sprawling, uneven portfolio' — it is now a much leaner Tier-1 gold-copper major, with a deleveraged balance sheet and a war chest for capital returns and strategic growth.

The Tier-1 Portfolio That's Left

Newmont's post-divestiture operating structure now sits across four tiers:

• 6 self-managed Tier-1 assets: Boddington, Tanami, Cadia, Lihir, Peñasquito, Ahafo
• Tier-1 assets held through joint ventures (non-managed): Nevada Gold Mines (Carlin, Cortez, Turquoise Ridge) and Pueblo Viejo
• 3 'emerging Tier-1' assets: Merian, Cerro Negro, Yanacocha
• An 'emerging Tier-1' district in the Golden Triangle, British Columbia: Red Chris and Brucejack

2026 production guidance sits around 5.3 million attributable gold ounces (over 3.9 million ounces from managed operations) — but management has explicitly called 2026 a 'trough year' due to intentional mine sequencing at Boddington and Ahafo South. 2026 capex is guided at $3.35 billion, concentrated on the Tanami Expansion 2 and the Lihir mine life extension.

Management

Newmont just completed a fairly smooth CEO transition: Natascha Viljoen took over as President & CEO effective January 1, 2026 — becoming the first woman to lead the company in its more than 100-year history. She joined Newmont in 2023 as President & COO and had already been deeply involved in integrating acquired assets, portfolio optimization, and talent development — experience that is highly relevant given the company just wrapped up a major divestiture program. Tom Palmer (CEO since 2019) stepped down as CEO at the end of 2025 and remained as strategic advisor through his full retirement on March 31, 2026.

Growth Catalyst: Wafi-Golpu

Beyond 'cleaning house', Newmont is also chasing one major growth catalyst — the Wafi-Golpu gold-copper project in Morobe Province, Papua New Guinea, a 50/50 joint venture with Harmony Gold Mining. Pre-production capex is estimated at roughly $2.8 billion with a mine life of roughly 28 years. PNG's national government is expected to take a 30% equity stake (10% of which is earmarked for the Morobe Provincial Government and local landowners). Prime Minister James Marape has signaled 2026 as the year to resolve the Mine Development Contract / Special Mining Lease — meaning a Final Investment Decision (FID) could become a catalyst late in 2026 if negotiations close out.

Shariah Status

✅ Newmont (NEM) is verified SHARIAH COMPLIANT per Zoya's reference screen. This means the stock can be considered by investors who prioritize Shariah-compliant investments — though you should still perform your own periodic checks, as Shariah status can shift as the company's financial ratios change over time.

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