Newmont, the world's largest gold mining company, announced Thursday it's selling several of its properties, including those in the City of Timmins.
The company said the mines are "attractive and healthy assets" but they "no longer fit" within its long-term strategy.
It plans to divest the six assets within 12 months.
“Newmont Porcupine comprises the total footprint in and around Timmins including Hoyle underground mine, Hollinger Open Pit, the Pamour Open pit (which is in development) and the Dome Mill,” said Newmont spokesperson Jennifer Pakradooni said in an email.
“It’s also inclusive of Borden Mine in Chapleau which sends ore to the Dome Mill. Newmont also manages a number of closed sites in the Timmins area.”
Pakradooni said the company will meet all of its obligations under the Hollinger Open Pit subsequent land use plan, a contract that Porcupine entered into with the Municipality of Timmins.
Newmont, the world's largest gold mining company, announced Thursday plans to sell off mines in the Porcupine camp. (Lydia Chubak/CTV News)
She said the properties will continue operating normally until they are sold.
“The mines being sold are good assets and should benefit from a new owner whose strategy is better aligned to the needs of these assets,” Pakradooni said.
“Additionally, under new ownership these sites are much more likely to receive more leadership attention and greater likelihood of capital investment.”
Newmont has 4,000 employees in Canada and she said they don’t expect job losses to result from the sales.
Timmins MPP and Ontario Minister of Mines George Pirie said Newmont is creating a suite of assets that will produce a million ounces of gold, which makes for a substantial portfolio.
Pirie credits the province with making mining an attractive investment in the province.
"We're doing our job," said Pirie.
"People want to invest in Ontario because it's a good jurisdiction to invest in and selling the gold assets in Canada and particularly the two in Ontario mean they feel they can sell these assets."
Pirie said it's a good news story for Timmins. Timmins Mayor Michelle Boileau was unavailable for commen