Drill and Deal

News / 2024

· Divestments, Gold

Newmont sells Cripple Creek & Victor to SSR Mining for up to $275m

SSR agreed to pay $100m in cash at closing and two payments of $87.5m tied to pending regulatory approvals for the Colorado gold mine. Newmont will also fund 90% of any closure costs above $500m. Newmont said its announced sales could now raise up to $3.9bn.

The Cripple Creek & Victor open-pit gold mine north of Victor, Colorado, in 2006
Photo: Plazak at English Wikipedia, CC BY-SA 3.0

Why it matters. Contingent payments and closure-cost sharing show how buyers and sellers split the risk of a mine’s long-term liabilities.

Source
Newmont
In the course
Module 8: Due diligence