Newmont Corporation announced today that it has agreed to sell its Cripple Creek & Victor (CC&V) operation in Colorado, to SSR Mining Inc. for up to $275 million in cash consideration. Upon closing the announced transactions, Newmont will have delivered up to $3.9 billion in gross proceeds from non-core asset divestitures and investment sales. The transaction is expected to close in the first quarter of 2025, subject to certain conditions being satisfied.

The transaction includes a $100 million upfront cash payment and up to $175 million in milestone-based payments, for a total of $275 million.
With this acquisition, SSR is expected to become the third-largest gold miner in the United States.

”Upon completion of an updated regulator-approved closure plan and in the event aggregate closure costs at CC&V exceed $500 million, Newmont will be responsible for funding 90 percent of the incremental closure costs in such updated closure plan, either on an as-incurred basis or pursuant to a net present value lump sum payment option.

“We are excited to announce the continuation of our divestment program to streamline the Newmont portfolio as the leading operator of Tier 1 gold and copper assets,” said Tom Palmer, Newmont's president and chief executive officer. “We are confident that SSR has the capability to deliver the next phase of life for CC&V, the employees who work there, and local stakeholders.”

The large-scale open-pit mine has been active for more than 30 years and has gold mineral reserves of approximately 1.3 million oz., plus an additional 1.6 million oz. of measured and indicated mineral resources (exclusive of reserves) and 300,000 oz. of inferred mineral resources.
Combined with the Marigold mine in Nevada, SSR’s total US-based gold production is expected to average between 300,000 and 400,000 oz. annually.

“The acquisition of the Cripple Creek & Victor gold mine represents a rare opportunity to add a high-quality producing asset in a Tier-1 jurisdiction at an accretive valuation,” SSR executive chairman Rod Antal said in a news release.

In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian, and North American business units. The sale of Telfer operation and Newmont's 70 percent interest in the Havieron project closed on December 4, 2024. With definitive agreements in place to divest four other operations, the company is focused on completing the divesture program for its non-core assets, which are expected to conclude in the first quarter of 2025.

Total gross proceeds from transactions announced in 2024 to date are expected to be up to $3.9 billion. This includes $3.4 billion from non-core divestitures and $527 million from the sale of other investments.