Business
Coeur Mining Announces Agreement to Sell Southern Nevada Holdings for Upfront Cash Consideration of $150 million
CHICAGO / Sep 19, 2022 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced that it has entered into a definitive agreeme
About this update from Coeur Mining, Inc.
[{"type":"text","content":"CHICAGO / Sep 19, 2022 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced that it has entered into a definitive agreement (the “Agreement”) with a subsidiary of AngloGold Ashanti Limited (“AngloGold”) (NYSE: AU) to sell its Crown and Sterling (“Crown Sterling”) holdings for closing cash consideration of $150 million and deferred cash consideration of $50 million to be paid upon Crown Sterling attaining a total resource of at least 3.5 million gold ounces. The Crown Sterling holdings comprise approximately 35,500 net acres and are located adjacent to AngloGold’s existing gold projects in Beatty County, Nevada. Subject to customary closing conditions, the transaction is expected to be completed in the fourth quarter of 2022. “The divestiture of Crown Sterling unlocks significant value for Coeur stockholders and demonstrates our ongoing commitment to allocating capital into our existing portfolio of near-term core growth projects, highlighted by the Rochester expansion in northern Nevada,” said Mitchell J. Krebs, President and Chief Executive Officer. “The consideration represents a significant gain on our original investment. “Following its recent acquisition of Corvus Gold, AngloGold has consolidated a significant portion of the Beatty district and is the logical operator of a future standalone mining operation in the Beatty district. We look forward to sharing in AngloGold’s future exploration success in this prospective district.” Gibson, Dunn & Crutcher LLP is acting as legal counsel to Coeur. About Coeur Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, The Company wholly-owns the Silvertip silver-zinc-lead development project in British Columbia and has interests in several precious metals exploration projects throughout North America. Cautionary Statements This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding the anticipated sale of Crown Sterling (including anticipated deferred consideration) and future prospects for the Beatty,...