New Gold’s New Afton mine west of Kamloops, B.C., in 2021. The operation is one of two to be acquire by U.S. gold miner Coeur Mining in a deal with New Gold.Dennis Owen/The Globe and Mail
Coeur Mining Inc. CDE-N shares took a dive after the silver and gold producer announced its $9.5-billion acquisition of New Gold Inc. NGD-T, a takeover that, if approved, will see one of Canada’s leading intermediate gold producers fall into American hands.
The deal follows Anglo American Plc’s NGLOY offer to buy Canada’s Teck Resources Ltd. TECK-B-T in September, marking another instance in which a respected Canadian miner is selling itself rather than bulking up by being the acquirer.
Chicago-based Coeur hopes to buy New Gold in an all-stock deal worth roughly $12 a New Gold share, amounting to a 16-per-cent premium to New Gold’s market price before the deal was announced. Coeur shareholders will own 62 per cent…
