NYSE- and TSX-listed Newmont has met its asset divestment goal of $1-billion to $1.5-billion announced following last year’s tie-up with rival Goldcorp, with the major expecting to receive more than $1.4-billion in cash proceeds in the first quarter of this year.

The gold miner on Friday completed the sale of its 50% of Kalgoorlie Consolidated Gold Mines (KCGM), the owner of the Super Pit mine in Western Australia, to Australian miner Northern Star Resources, receiving $800-million.

It also has in place agreements to sell the Red Lake mine, in Canada, to Australia’s Evolution Mining for $375-million and its 19.9% stake in Colombia-focused Continental Gold for $260-million.

The deal between Newmont and Northern Star, announced in December, followed a similar transaction between Saracen Mineral Holdings and Barrick Gold, which saw Saracen acquire Barrick’s 50% stake in Super Pit for $750-million.

The sale of KCGM leaves Newmont’s portfolio with 12 assets, located on four continents.

Following the completion of the transaction, Newmont also updated its 2020 guidance, with production now forecast to be 6.4-million ounces for the year and between 6.2-million and 6.7-million ounces through 2024.

Newmont previously forecast production of 6.7-million ounces at an all-in sustaining cost (AISC) of $975/oz for 2020, and longer-term production of 6.5-million to 7-million ounces.

The gold cost applicable to sales guidance remained unchanged at $750/oz for 2020 and between $850/oz and $950/oz for 2021 and 2022. The AISC guidance is between $800/oz and $900/oz for 2023 and 2024.

The group lowered its attributable sustaining capital guidance to $950-million for 2020 and between $0.9-billion and $1.1-billion longer-term through 2024. Its previous sustainable capital guidance was $975-million for 2020 and between $0.9-billion to $1.1-billion longer-term through 2024.

On December 3, Newmont guided development capital of $575-million for 2020 and $500-million to $600-million for 2021.