Shares of Coeur Mining Inc (CDE) are trading 12% higher at a price of $3.18 at the time of this writing. Shares of the stock are strongly outpacing other names in the space on what is turning out to be a slightly somber day for the Materials sector.
- AngloGold Ashanti has agreed to pay $150 million to acquire a subsidiary of Coeur Mining with mining concessions in Nevada.
- The unit, Coeur Sterling Inc, holds properties in Nevada estimated to hold 914 000 ounces of gold.
- AngloGold Ashanti agreed to pay Coeur an extra $50m if further exploration results in a mineral resource greater than 3.5 million ounces.
- The company said it was anticipated, prior to this acquisition and the additional potential it brings, pending the results of the studies already underway, as well as the progress of the attendant permitting process, that first production for AngloGold Ashanti from the Beatty District would be realised in about three years’ time.
Coeur Mining Inc has been trading between a 52-week high of $7.64 and a 52-week low of $2.54. The stock has a market cap of $893 Million.
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the Silvertip silver-zinc-lead mine in British Columbia. In addition, Coeur has interests in several precious metals exploration projects throughout North America.
AngloGold Ashanti to pay $150m to buy a subsidiary of Coeur Mining with mining concessions in Nevada adjacent to its own interestsIndependent on Saturday
AngloGold Ashanti grows Nevada gold hub in $150m deal with Coeur MiningMiningmx
AngloGold Ashanti to buy Coeur Mining’s projects in Nevada for $150 millionMining.com
Coeur Mining to sell southern Nevada holdings to AngloGold in $200M deal (NYSE:CDE)Seeking Alpha
AngloGold Ashanti to pay $150 mln for Coeur Mining''s Nevada gold projectsReuters