By Adriano Marchese
Newmont said it agreed to sell a Colorado gold mine to SSR Mining for up to $275 million as it continues its divestment plan.
SSR Mining said Friday it will pay $100 million up front and up to $175 million in additional milestone-based payments for the Cripple Creek & Victor gold mine.
The mine was recently reported to have gold mineral reserves of about 1.3 million ounces, as well as 1.6 million ounces of measured and indicated mineral resources. It is expected to add about 170,000 ounces in annual gold production to SSR Mining's platform.
In November, Newmont sold a big gold mine in northern Canada for $795 million in cash to privately held U.K. mining company Dhilmar. This latest sale brings Newmont's total disposals to $3.9 billion, building on its plans to shed unwanted assets following its takeover of Australia's Newcrest in what was the biggest-ever M&A deal in the gold-mining industry.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 06, 2024 07:28 ET (12:28 GMT)
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