By Dean Seal

 

Coeur Mining Inc. has agreed to sell about 35,500 acres in South Nevada to a subsidiary of AngloGold Ashanti Ltd. for as much as $200 million based on the amount of gold found there.

The precious metals producer said Monday that it has signed an agreement to sell its Crown and Sterling holdings for $150 million upfront in cash and a deferred cash consideration of $50 million to be paid upon the holdings attaining a total resource of at least 3.5 million troy ounces.

The assets are located next to AngloGold's existing gold projects in Beatty County, Nevada.

The deal is expected to close in the fourth quarter of 2022.

Mitchell Krebs, Coeur Mining's chief executive officer, said the divestiture unlocks significant value for shareholders and shows the company allocating capital into its existing portfolio of near-term, core growth projects. The deal price represents a significant gain on the company's original investment, he said.

In August, Coeur affirmed a forecast for full-year gold production of between 100,000 and 110,000 ounces and silver output of 6 million to 7 million ounces.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

September 19, 2022 07:35 ET (11:35 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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