Coeur Mining has entered into a definitive agreement with a subsidiary of AngloGold Ashanti to sell its Crown and Sterling properties in Nevada for a cash consideration of $150 million.
The deal also has a deferred cash consideration of $50 million to be paid upon the exploration properties attaining a total resource of at least 3.5 million gold ounces.
Crown and Sterling cover approximately 35,500 net acres of highly prospective land in southern Nevada. The properties are located adjacent to AngloGold’s existing gold projects in Beatty County.
“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 CEO.
“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.”
Subject to customary closing conditions, the transaction is expected to be completed in the fourth quarter of 2022.
Source: Coeur Mining