Coeur Mining sells Crown Sterling holdings to AngloGold for $150M upfront cash

Coeur Mining, Inc.

Closed sale of Crown Sterling holdings to AngloGold Ashanti for ~$150M cash at closing; net proceeds ~$150.2M.
Potential $50M deferred payment if Crown Sterling achieves ≥3.5M gold ounces of resources.
Proceeds intended to reduce debt; sale aligns with strategy to focus on high-return North American assets.
Crown Sterling comprises ~35,500 net acres adjacent to AngloGold's Nevada projects.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Coeur Mining, Inc. entered into Purchase Agreement with AngloGold Ashanti (U.S.A.) Holdings Inc., AngloGold Ashanti USA Incorporated, Sterling Intermediate Holdco, Inc. valued at approximately $150 million, in addition to the right to an additional payment of $50 million (effective 2022-09-18).

Action: entry
Agreement: asset purchase
Counterparty: AngloGold Ashanti (U.S.A.) Holdings Inc., AngloGold Ashanti USA Incorporated, Sterling Intermediate Holdco, Inc.
Value: approximately $150 million, in addition to the right to an additional payment of $50 million
Effective: 2022-09-18

Exact text from the filing

On November 4, 2022, Coeur Mining, Inc. (the “ Company ” or “ Coeur ”) closed on the previously announced sale of its wholly-owned subsidiary Coeur Sterling, Inc., a Nevada corporation (“ Sterling ”), pursuant to a Stock Purchase Agreement (the “ Purchase Agreement ”), dated as of September 18, 2022, by and among the Company, AngloGold Ashanti (U.S.A.) Holdings Inc., a Delaware corporation (“ Buyer ”), AngloGold Ashanti USA Incorporated, a Delaware corporation (“ Buyer Guarantor ”), Sterling Intermediate Holdco, Inc., a Delaware corporation (“ Seller ”) and Sterling.

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Source: SEC EDGAR

accession 0000215466-22-000124

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