Newmont Corporation (NEM) Poised for $100M Payment from Zijin Mining Group

Newmont Corporation (NYSE:NEM) is one of the best copper stocks to buy according to hedge funds. On August 1, the company confirmed that Ghana has ratified the renewal of the Akyem East Mining lease. With the ratification, the company is entitled to $100 million from Zijin Mining Group.

The company is in the process of divesting its Akyem operation in Ghana to the Zijin Mining Group. With the additional $100 million payment, Newmont Corporation has received about $770 million. Consequently, it has updated its expected proceeds from the 2025 divestiture Program to $3.1 billion after tax.

Newmont plans to use net proceeds from the transactions to bolster its capital allocation priorities. Part of the funds is to go towards reducing outstanding debts. It also plans to return part of the capital to shareholders.

Newmont Corporation (NYSE:NEM) is a leading gold producer, but it also has significant copper reserves and production, making it a major player in the copper industry. The company’s copper operations are part of its broader portfolio of assets, which also includes gold, silver, and other metals.

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Disclosure: None. This article is originally published at Insider Monkey.