Coeur Completes Sale of Southern Nevada Holdings for Upfront Cash Consideration of $150 million
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced the closing of the transaction to sell its Crown and Sterling holdings (“Crown Sterling”) to a subsidiary of AngloGold Ashanti Limited (“AngloGold”) (NYSE: AU). Under the terms of the previously announced transaction, Coeur received cash consideration of $150 million at closing
CHICAGO--(BUSINESS WIRE)--Nov 4, 2022--
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced the closing of the transaction to sell its Crown and Sterling holdings (“Crown Sterling”) to a subsidiary of AngloGold Ashanti Limited (“AngloGold”) (NYSE: AU). Under the terms of the previously announced transaction, Coeur received cash consideration of $150 million at closing. The Company 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, Nevada.
The sale of Crown Sterling is consistent with Coeur’s strategy of monetizing non-core assets and prioritizing high-return growth from its North American asset portfolio, including the expansion project at the Rochester mine in Nevada, which is expected to be completed mid-next year.
Gibson, Dunn & Crutcher LLP acted as legal counsel to Coeur.
