Coeur Mining To Divest Crown And Sterling

(RTTNews) - Coeur Mining, Inc. (CDE), a precious metals miner, said on Monday that it has inked a deal with an arm of AngloGold Ashanti Limited (AU), to sell its Crown and Sterling holdings, for a closing cash consideration of $150 million and a deferred cash consideration of $50 million.

The cash consideration will be paid upon Crown attaining of at least 3.5 million gold ounces. The transaction is expected to be closed in the fourth quarter of 2022.

Mitchell Krebs, CEO of Coeur, said: "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…"

The Crown Sterling is spread on an area of 35,500 net acres, and is located adjacent to AngloGold's existing gold mines in Beatty County, Nevada.