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Coeur announces agreement to sell Southern Nevada holdings

Published by , Editorial Assistant
Global Mining Review,

Coeur Mining Inc. has announced that it has entered into a definitive agreement with a subsidiary of AngloGold Ashanti Ltd to sell its Crown and Sterling holdings for closing cash consideration of US$150 million, and deferred cash consideration of US$50 million to be paid upon Crown Sterling attaining a total resource of at least 3.5 million oz gold.

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 4Q22.

“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.”

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