Shares of Coeur Mining Inc. CDE, +17.02% shot up 11.6% in afternoon trading Monday, after the gold and silver miner announced a deak to sell its Crown and Sterling holdings for up to $200 million. Under terms of the deal, Coeur Mining will receive closing cash of $150 million and deferred cash of $50 million, to be paid on Crown and Sterling attaining a total resource of at least 3.5 million gold ounces. “The divestiture of Crown Sterling unlocks significant value for Coeur stockholders and demonstrates our ongoing commitment to allocating capital into our existing portfolio of near-term core growth projects, highlighted by the Rochester expansion in northern Nevada,” said Chief Executive Mitchell Krebs. “The consideration represents a significant gain on our original investment.” Coeur Mining’s stock has lost 7.0% over the past three months, while the VanEck Gold Miners ETF GDX, +1.15% has dropped 20.8% and the S&P 500 SPX, +0.68% has advanced 5.4%.
