US-based precious metals producer Coeur Mining has completed its previously announced $1.7bn acquisition of Canadian precious metals exploration company SilverCrest Metals.
Initially signed in October 2024, the definitive agreement outlined that shareholders of SilverCrest Metals would receive 1.6022 Coeur Mining common shares for each SilverCrest Metals share.
As part of the transaction, Coeur Mining issued 239.3 million new shares.
Following the completion of the deal, existing Coeur Mining shareholders now own approximately 63% of the combined company, while SilverCrest Metals shareholders hold the remaining 37%.
Coeur Mining, listed on the New York Stock Exchange (NYSE), plans to provide details on the anticipated benefits of the acquisition, including its 2025 production and cost guidance, when it reports its fourth-quarter and full-year 2024 results.
The company’s portfolio comprises four wholly owned operations, including the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota.
It also operates the Palmarejo underground gold-silver complex in Mexico and fully owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.
Through the combination of the recently expanded Rochester and Palmarejo mines with the Las Chispas mine, Coeur Mining expects to draw around 21 million ounces of silver in 2025 from five North American operations.
Earlier this month, SilverCrest Metals’ securityholders overwhelmingly approved the acquisition, with 99.32% of shareholder votes in favour.
The deal also received 99.34% approval from shareholders and option holders voting as a single class, while 99.31% of shareholder votes, excluding those required to be excluded under Canadian securities regulations, supported the transaction.
Last week, the Supreme Court of British Columbia also granted final approval for the transaction.
For the transaction, BMO Capital Markets served as financial adviser to Coeur Mining, with additional advisory support from Goldman Sachs & Co. Legal counsel for Coeur Mining was provided by Goodmans and Gibson, Dunn & Crutcher.
