TELLER COUNTY — The Cripple Creek and Victor Gold Mine (CC&V) were sold to SSR Mining.
According to media releases from both companies, SSR Mining and the Newmont Corporation agreed on an "all-cash deal for $100 million in upfront consideration and up to $175 million in additional milestone-based payments."
Newmont Corp. is a Denver-based mining company established in Colorado in the early 1920s. It's currently one of the largest mining companies in the U.S., and the largest producer of gold, globally.
Newmont Corp. took over CC&V in 2015, and in 2021, the mine transitioned to being used primarily for gold production.
SSR Mining's acquisition of CC&V will make the company the "third-largest gold producer" in the U.S., according to a press release they shared on Friday, December 6.
The CC&V Mine will give SSR Mining access to "gold Mineral Reserves of approximately 1.3 million ounces, plus an additional 1.6 million ounces of Measured & Indicated Mineral Resources," in addition to approximately 170,000 ounces annually.
The sale of the mine stems from Newmont's plan to divest its resources elsewhere. They project a 3.9 billion dollar increase in gross proceeds from the projects listed below:
- Up to $475 million from the sale of the Telfer operation and Newmont's 70% interest in the Havieron project
- Up to $1.0 billion from the sale of the Akyem operation
- Up to $850 million from the sale of the Musselwhite operation
- $795 million from the sale of the Éléonore operation
- Up to $275 million for the sale of the CC&V operation
- $527 million from the completed sale of other investments
SSR Mining released its report detailing the benefits to the company's shareholders, including the increase of "SSR Mining’s scale and free cash flow generation," and a gradual increase "on all key production and financial metrics on a per share basis."
SSR Mining says it's "fully committed" to working closely with state officials and CC&V stakeholders.
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