CDE - Why Shares of Coeur Mining Are Soaring Today
While the S&P 500 and Dow Jones Industrial Average are starting the week in the red, shares of Coeur Mining (NYSE: CDE) are glittering brightly in investors' eyes. The source of investors' enthusiasm is Coeur Mining's announcement that it has agreed to sell assets located in Nevada.
As of 3:02 p.m. ET, shares of Coeur Mining are up 15.3%.
Inking a deal with a subsidiary of AngloGold Ashanti (NYSE: AU) , Coeur Mining has agreed to sell its Crown Sterling Holdings for a closing cash consideration of $150 million. The exploration properties located in southern Nevada total about 35,500 acres and are located in proximity to AngloGold Ashanti's other exploration properties in the area. Coeur Mining is eligible to receive an additional $50 million in deferred cash consideration should Crown Sterling attain a total resource of at least 3.5 million gold ounces.
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Why Shares of Coeur Mining Are Soaring Today