Newmont, the world’s leading gold mining company, has announced a move to voluntarily delist its common shares from the Toronto Stock Exchange (TSE) due to persistently low trading volumes. This decision, set to take effect around the close of trading on September 24, aims to enhance administrative efficiency and reduce operational costs.
The company’s strategy to manage expenses comes in the wake of a broader initiative outlined in August to reduce costs by $300 per ounce, a plan that is projected to result in significant workforce reductions. Last year, Newmont began implementing measures to streamline operations, which included divesting non-core assets, trimming the workforce, and addressing its debt levels following a major $17.14 billion acquisition of Australian firm Newcrest.
Since November 2024, Newmont has taken significant steps to divest various Canadian assets, selling the Eleonore mine for approximately $795 million, the Musselwhite Gold Mine in Ontario for $850 million, and its stake in the Porcupine Operations, which garnered $425 million. Despite these divestitures, the company continues to maintain operations at the Brucejack and Red Chris mines located in Canada.
In addition to the delisting from the TSE, Newmont emphasized its commitment to maintaining its primary listing on the New York Stock Exchange and continues to support its listings on the Australian Securities Exchange and the Papua New Guinea Stock Exchange. The company clarified that it does not plan to seek security holder approval for the delisting, as its shares are still available for trading on alternative markets.
In July, Newmont announced a $3 billion share repurchase program during its second-quarter financial results, indicating its ongoing focus on shareholder value amid the changes in its operational strategy.
