Newmont Corporation (NYSE:NEM) shares are trading higher on Monday. The company disclosed a deal to sell its Musselwhite operation in Ontario, Canada, to Orla Mining Ltd. (AMEX:ORLA) for up to $850 million in total consideration.

As per the deal, Newmont will receive $810 million in cash at closing and up to $40 million in contingent payments.

The deal will push Newmont’s total proceeds from non-core asset sales past $2 billion and expected to close in the first quarter of 2025.

Notably, in February 2024, Newmont announced plans to divest six operations and two projects across its Australian, Ghanaian, and North American units.

With agreements finalized for assets in Australia, Ghana, and Musselwhite, the company aims to complete sales of its remaining North American non-core assets by the first quarter of 2025.

Also, Orla Mining expects the deal to be materially accretive on all key operating and financial per-share metrics, benefiting all existing shareholders.

Newmont expects total gross proceeds from 2024 transactions to reach up to $2.9 billion, including $2.3 billion from non-core divestitures and $527 million from other investment sales.

Newmont is advancing shareholder returns with a $3 billion buyback program, repurchasing 7.2 million shares for $336 million since October 2024. It also reduced debt by $500 million in 2024, nearing its $8 billion targeted debt balance.

Investors can gain exposure to the stock via iShares MSCI Global Gold Miners ETF (NASDAQ:RING) and VanEck Gold Miners ETF (NYSE:GDX).

Price Action: NEM shares are up 2.58% at $41.99, and ORLA is up 8.25% at $4.265 at the last check Monday.

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