07:29 AM EST, 12/06/2024 (MT Newswires) -- SSR Mining ( SSRGF ) on Friday said it is acquiring the Cripple Creek & Victor Gold Mine in Colorado from Newmont ( NEM ) in an all-cash deal for $100 million in upfront payment and up to $175 million in additional milestone-based payments.

The payments are expected to be funded from SSR's current sources of liquidity of over $800 million

The two properties will add about 170,000 ounces in annual gold production to SSR's platform. Combined with the Marigold mine in Nevada, SSR's total U.S. gold production is expected to average between 300,000 - 400,000 ounces annually.

The transaction is expected to close in the first quarter of next year.