Newmont is selling a big gold mine in northern Canada for $795 million in cash, building on its plans to shed unwanted assets following its takeover of Australia's Newcrest in what was the biggest-ever M&A deal in the gold-mining industry.

Newmont (NEM) announced that it has agreed to sell its Eleonore operation in Northern Quebec, Canada, to Dhilmar for $795M in cash

Newmont (NEM) said Monday it has agreed to sell its Eleonore gold operation in Northern Quebec, Canada, to UK-based private mining company Dhilmar for $795 million in cash. The deal is part of the mining giant's plan to divest noncore assets outlined earlier this year.

The Éléonore gold mine is in the northern part of Quebec, Canada and produces about 246,000 attributable ounces of gold annually, according to the Newmont website. The buyer is a newly incorporated private mining company whose founder previously acquired Newmont's Indonesian copper and gold mine in 2016.