Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) was hit with a second major exit this month as Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) sold its entire 13.3 percent stake for US$439 million, sending the Canadian miner’s shares tumbling nearly 8 percent on Friday (September 19).
The Denver-based miner said it sold the shares through the Toronto Stock Exchange at US$10.14 (C$14.00) each. The move leaves Newmont with no remaining stake in the company.
CEO Tom Palmer called the sale part of a broader strategy to sharpen focus and free up capital.
“Today’s announcement demonstrates Newmont’s ongoing commitment to streamlining our equity portfolio and unlocks significant cash to support Newmont’s capital allocation priorities,” he said.
Orla shares fell 7.7 percent on Friday to US$10.21 after the sale, cutting its market capitalization to about US$2.41 billion.
The drop followed a similar selloff earlier in September when Agnico Eagle Mines (TSX:AEM,NYSE:AEM) offloaded its 11.3 percent stake in Orla for US$560.5 million.
By contrast, investors rewarded Newmont for the divestment. Its shares rose 3 percent in New York following the announcement, lifting the company’s market capitalization to US$88.6 billion.
The exit from Orla is the latest in a string of Canadian divestments by Newmont, which has been streamlining its portfolio since November 2024.
That program has included the sale of the Musselwhite mine in Ontario to Orla in an US$850 million deal and, more recently, an agreement to sell the Coffee gold project in Yukon to Fuerte Metals (TSXV:FMT,OTCQB:FUEMF) for up to US$150 million.
The company has also applied to voluntarily delist from the Toronto Stock Exchange, citing low trading volumes, though it remains listed in New York.
Despite the divestments, Newmont continues to operate significant Canadian assets, including the Brucejack and Red Chris mines.
For Orla, the departures of Newmont and Agnico Eagle add pressure to demonstrate its ability to sustain growth with a broader investor base.
The company currently operates two producing assets—the Camino Rojo oxide mine in Mexico and Musselwhite in Ontario—and has forecast consolidated 2025 gold output of 265,000 to 285,000 ounces.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.