The transaction to sell U.S.-based Coeur Mining’s Crown and Sterling holdings in Nevada to a subsidiary of AngloGold Ashanti has closed.
Under the terms of the previously announced deal, Coeur received cash consideration of $150 million at closing. The precious metals producer will receive an additional deferred cash consideration of $50 million 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 Nye County.
Coeur said the sale of Crown Sterling is consistent with its strategy of monetizing non-core assets and prioritizing high-return growth from its North American asset portfolio, including the expansion project at the Rochester silver-gold mine in Nevada, which is expected to be completed in mid-2023.
In addition to the Rochester operation, Coeur owns the Palmarejo gold-silver complex in Mexico, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. It also owns the Silvertip development project in British Columbia, Canada, and has interests in several exploration projects throughout North America.
Source: Coeur Mining