Coeur Mining ( NYSE: CDE ) said Monday it agreed to sell more than 35K acres in southern Nevada to a subsidiary of AngloGold Ashanti ( NYSE: AU ) for as much as $200M based on the amount of gold found there.
The miner said it will sell its Crown and Sterling holdings for $150M upfront in cash and $50M in deferred cash consideration to be paid upon the holdings attaining a total resource of at least 3.5M troy oz.
Coeur Mining ( CDE ) CEO Mitchell Krebs said the sale shows the company's commitment to allocating capital into its existing portfolio of near-term core growth projects, highlighted by the Rochester expansion in northern Nevada, and the deal price represents a "significant gain" on its original investment.
Coeur Mining ( CDE ) swung to a Q2 GAAP net loss of $77.4M, or $0.28/share from a year ago .
For further details see:
Coeur Mining to sell southern Nevada holdings to AngloGold in $200M deal