SSR Mining Inc announces that it has entered into a definitive purchase agreement to acquire the Cripple Creek & Victor Gold Mine in Colorado from Newmont Corporation in an all-cash deal for $100 million in upfront consideration and up to $175 million in additional milestone-based payments.
Strategic Rationale for the Transaction,
1: Increases SSR Mining’s scale, free cash flow and portfolio diversification, creating the third largest U.S. gold producer,
2: The Transaction is aligned with SSR Mining’s long-stated focus on free cash flow generation, while continuing to diversify the portfolio through the acquisition, operation and development of long-lived, high return assets.
3: CC&V is expected to add approximately 170,000 ounces in annual gold production to SSR Mining’s platform and, combined with Marigold, the Company’s total U.S. gold production is expected to average between 300,000 – 400,000 ounces annually.
4: Combined with our portfolio of operating and development assets in Canada, Türkiye and Argentina, SSR
Mining provides a diversified and long-lived free cash flow focused producer with six key assets, 5: Accretive across all key metrics, with staged milestone-based consideration preserving balance sheet strength and more…
Rod Antal, Executive Chairman of SSR Mining, 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 U.S. based platform to an expected 300,000 – 400,000 ounces of average annual gold production, positioning SSR Mining as the third largest gold producer in the United States.
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 Transaction structure helps ensure our balance sheet remains a strength of our business, with CC&V expected to immediately contribute meaningful cash flow that facilitates an attractive payback. In addition to its strategic merits, CC&V employs many highly regarded mining professionals that will complement our current team, and we look forward to welcoming them all into SSR Mining.
We would also like to thank Newmont for their responsible stewardship of CC&V over the last nine years. Looking ahead, we have a clear path forward, with a focus on delivering growth initiatives at each of our six key assets as we look to build our position as a leading mid-tier gold producer.”
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