Newmont to sell CC&V operation to SSR Mining for up to $275M in cash

Newmont (NEM) announced that it has agreed to sell its Cripple Creek & Victor, or CC&V, operation in Colorado to SSR Mining (SSRM) for up to $275M in cash consideration. Upon closing the announced transactions, Newmont will have delivered up to $3.9B 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. Under the terms of the agreement, Newmont expects to receive gross proceeds of up to $275M, which includes: cash consideration of $100M, due upon closing deferred contingent cash consideration of $87.5M upon receipt of pending regulatory approvals; deferred contingent cash consideration of $87.5M upon resolution of regulatory applications relating to the Carlton Tunnel. Upon completion of an updated regulator-approved closure plan and in the event aggregate closure costs at CC&V exceed $500M, Newmont will be responsible for funding 90% 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.