Newmont Considering Partial Sell-Down of Greatland Gold Stake Ahead of ASX Listing
Newmont, the world’s largest gold producer, is considering a partial sale of its 20% stake in Western Australia-based Greatland Gold as the miner approaches the final phase of its long-awaited ASX cross-listing.
According to Street Talk, Greatland – currently valued at £1.7 billion ($3.5 billion) on the London Stock Exchange—is expected to file its ASX prospectus as early as Friday. This move would enable its advisers—Barrenjoey, Bank of America, and Canaccord Genuity – to launch the bookbuild.
The listing is tipped to raise under $80 million, representing roughly 2.5% of Greatland’s market value. A key aspect of the listing is the potential shake-up of Newmont’s $700 million stake in the company.
Greatland Gold: A New Era Begins with ASX Listing, New Leadership, and Strategic Clarity
Newmont came into the position last year as part of a deal that saw it divest the Telfer gold mine and a 70% stake in the Havieron project to Greatland, following a strategic portfolio review in the wake of its $26 billion merger in 2023.
Insiders suggest the shareholding may be viewed as non-core, with Newmont possibly looking to offload the stake it received in exchange for assets it no longer wished to retain. Speaking on the company’s first-quarter earnings call, CEO Tom Palmer noted Newmont was considering “what that holding [in Greatland] might look like and how we might transact that.”
The company declined to comment when approached on Thursday.
If Newmont does go ahead with the sale, it remains uncertain whether the shares would be sold through the IPO or via a private deal with fellow shareholder Wyloo Metals, backed by Andrew Forrest. Wyloo, which owns 8.4% of Greatland, holds first refusal rights on any sale from Newmont’s stake and an option to purchase up to half of it.
