US-based mining company SSR Mining has finalised its previously announced acquisition of the Cripple Creek & Victor (CC&V) gold mine in Colorado, US, from Newmont Corporation.
The acquisition positions SSR Mining as the third-largest gold producer in the US.
The transaction, valued at $100m in cash with up to an additional $175m in future milestone payments, is set to enhance SSR Mining’s production scale and portfolio diversity.
SSR Mining and Newmont signed a definitive agreement for the transaction in December 2024.
CC&V’s inclusion in SSR Mining’s assets is expected to substantially increase the company’s scale, free cash flow and diversification.
SSR Mining executive chairman Rod Antal said: “We are thrilled to welcome CC&V and its team to SSR Mining. This transaction adds another long-lived, free cash flow generative asset to the portfolio, and we look forward to showcasing our longer-term plans for the operation.”
The mine reported an 85% increase in gold mineral reserves year over year, with 2.4 million ounces (moz) as of 31 December 2024, up from 1.3moz the previous year.
In addition to the reserves, Newmont disclosed 800,000oz of measured and indicated gold mineral resources and 900,000oz of inferred gold mineral resources at CC&V at the end of 2024.
SSR Mining plans to release a comprehensive technical report and life of mine plan for CC&V in the next 12 months.
Additionally, SSR Mining has received formal approval from the Australian Securities Exchange (ASX) to be removed from its official list under ASX Listing Rule 17.11.
The company intends to remove its listing from the ASX because of the low trading volumes and infrequent activity on this exchange in contrast to the Nasdaq and Toronto Stock Exchange (TSX).
SSR Mining expects the delisting to take effect on 8 April 2025, with its CHESS depositary interests ceasing to trade on the ASX from the close of trading on 4 April 2025.
The company’s common shares will continue to be traded on the Nasdaq and the TSX.
