SSR Mining (NASDAQ, TSX: SSRM; ASX: SSR) announced on Friday it has acquired the Cripple Creek & Victor (CC&V) gold mine in Colorado from Newmont (NYSE: NEM, TSX: NGT). With this acquisition, SSR is expected to become the third-largest gold miner in the United States. The transaction includes a $100 million upfront cash payment and up to $175 million in milestone-based payments, for a total of $275 million.
Of the milestone payments, $87.5 million will be paid upon the approval of an amended permit for the CC&V Cresson mine filed by Newmont earlier this year to extend its life by adding leach pad capacity and making operational adjustments.
Another $87.5 million will be contingent on regulatory relief related to the Carlton tunnel permitting requirements. SSR and Newmont have also agreed to share responsibility for closure costs at CC&V. If closure costs exceed $500 million, SSR will fund 10% of the incremental costs, with Newmont covering the remaining 90%.
For the rest of this article: https://www.mining.com/ssr-to-be-3rd-biggest-us-gold-miner-with-cripple-creek-victor-deal/