SSR Mining has announced a definitive agreement to acquire the Cripple Creek & Victor Gold Mine (CC&V) in Colorado, US, from Newmont Corporation.
The deal, valued at $100m in upfront consideration with the potential for up to $175m in additional payments, is set to close in the first quarter of 2025.
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The additional payments include $87.5m upon the approval of an amended permit for the CC&V Cresson mine, which aims to extend the mine’s life.
Another $87.5m is contingent on regulatory relief regarding the Carlton Tunnel’s permitting requirements.
SSR Mining and Newmont have agreed to share the responsibility for closure costs at CC&V, with SSR funding 10% of any costs exceeding $500m.
The acquisition is part of Newmont’s strategy to streamline its portfolio through divestment.
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By GlobalDataFor SSR Mining, the addition of CC&V is expected to contribute approximately 170,000oz per year of gold, significantly boosting its US-based production to 300,000–400,000oz per year.
This expansion will position SSR Mining as the third-largest gold producer in the US.
SSR Mining executive chairman Rod Antal said: “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.
“CC&V is a proven operation with excellent potential for upside and expands our US-based platform to an expected 300,000–400,000oz of average annual gold production, positioning SSR Mining as the third-largest gold producer in the US.
“This acquisition ensures our portfolio of both producing and development assets is well balanced and provides our company with a diversified and long-lived free cash flow-focused platform comprised of six key assets.”
The CC&V mine is located 160km south-west of Denver, Colorado. It is estimated to hold mineral reserves of 1.3 million oz (moz), plus an additional 1.6moz of measured and indicated mineral resources.
In May this year, SSR Mining concluded the sale of its San Luis project in Central Peru to Highlander Silver.
