Newmont owned 44% interest in Penmont and related gold properties, including La Herradura, Soledad-Dipolos and Noche Buena, in the Sonora region.
The acquisition will give Fresnillo full ownership over the Penmont joint venture which owns these exploration properties.
Newmont Strategic Development executive vice president Randy Engel said: "We are pleased to announce our agreement with Fresnillo, which further strengthens Newmont’s financial flexibility while allowing our partner to consolidate their position in the Herradura Corridor."
As of 31 December 2013, Newmont reported $365m in net book value from the Penmont JV, which produced around 183,000oz of gold.
Subject to Fresnillo’s shareholders approval, the deal is expected to be completed in early October.
