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 $275 million in cash. Upon completion of the announced transactions, Newmont will have generated up to $3.9 billion in gross proceeds from divestitures of non-core assets and sales of investments. The transaction is expected to close in the first quarter of 2025, subject to certain closing conditions. Under the terms of the agreement, Newmont expects to receive gross proceeds of up to $275 million, including: a cash consideration of $100 million due at closing and a deferred contingent cash consideration of $87.5 million upon receipt of pending regulatory approvals authorities; deferred contingent cash consideration of $87.5 million upon settlement of regulatory filings related to the Carlton Tunnel. Upon completion of an updated, regulatory-approved closure plan and in the event that the aggregate closure costs at CC&V exceed $500 million, Newmont will be responsible for financing 90% of the incremental closure costs in such updated closure plan, either at periodic basis, or on the basis of the possibility of paying a lump sum with net present value.
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