According to the deal signed earlier this year, Coeur will receive $50m in additional deferred cash consideration upon Crown Sterling achieving at least 3.5 million gold ounces of the total resource.
The Sterling and Crown exploration properties cover 35,500 net acres in southern Nevada. The properties are located adjacent to AngloGold’s existing gold projects in Nye County.
The sale forms part of Coeur’s plan to monetise non-core assets while focusing on high-return growth from its asset portfolio in North America.
AngloGold Ashanti said in a statement: “AngloGold Ashanti has paid the closing consideration of $150m to Coeur Mining, Inc. and will now incorporate the Coeur Sterling properties into its plans to realise the potential of the Beatty district as a new gold production centre for the company.”
The properties offloaded in the transaction have a mineral resource of 914,000oz, according to Coeur estimates.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Gibson, Dunn & Crutcher served as legal counsel to Coeur for the deal.
Coeur Mining’s current operations include the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota.
It also owns the Silvertip silver-zinc-lead development project in British Columbia and holds stakes in several precious metals exploration projects throughout North America.