Newmont to Divest Cripple Creek and Victor Gold Operation in Colorado, US

Scrap Metal News  |  2024-12-10 22:55:20   |   By

The transaction is expected to close in the first quarter of 2025.

SEATTLE (Scrap Monster): U.S.-based gold mining company Newmont Corporation announced decision to sell its Cripple Creek and Victor (CC&V) gold operation in Colorado, US to SSR Mining for up to USD 275 million. It is anticipated that the deal would finalize in 2025's first quarter.

The sale is part of its strategy to offload non-Tier 1 mines and projects. With USD 3.4 billion from non-core divestitures and USD 527 million from the sale of other investments, the top gold mining business anticipates that the divestiture program will provide gross proceeds of up to USD 3.9 billion.

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The divestment program aims to streamline the portfolio of operations as a leading operator Tier-1 copper and gold assets, said Tom Palmer, President and Chief Executive Officer, Newmont. Announcing excitement over the continuation of its divestment program, he expressed confidence that SSR has the capability to deliver next phase of growth to CC&V, thereby delivering immense value to its employees and local stakeholders.

After it is finished, the revised closure plan will be submitted for regulatory approval. The business will include a provision in the revised plan to cover 90% of the additional closure expenses if they surpass USD 500 million.