Coeur Mining announced it will acquire all outstanding shares of New Gold Inc. for approximately $7 billion, with New Gold shareholders receiving 0.4959 Coeur shares per New Gold share, implying $8.51 per share and a 16% premium to New Gold’s October 31 close.
The transaction will combine Coeur’s five U.S. mines—Las Chispas, Palmarejo, Rochester, Kensington, and Wharf—with New Gold’s two Canadian operations, the New Afton copper‑gold mine and the Rainy River gold mine, creating a North American‑only senior precious‑metals producer with seven operating mines.
Coeur’s CEO Mitchell J. Krebs confirmed that the combined entity is projected to generate about $3 billion in EBITDA and $2 billion in free cash flow in 2026, up from Coeur’s 2025 estimates of $1 billion in EBITDA and $550 million in free cash flow. The company cited lower production costs and higher margins as the primary drivers of the upside.
Coeur reported record third quarter 2025 results with revenue of $555 million and adjusted EBITDA of $299 million, while New Gold reported record third quarter 2025 free cash flow of $205 million, with Rainy River contributing $183 million, providing a baseline for the projected 2026 performance.
New Gold shareholders will own 38% of the combined company, while Coeur shareholders will hold 62%. The deal is expected to close in the first half of 2026, pending regulatory and shareholder approvals. Upon completion, New Gold will be delisted from the TSX and NYSE American, and its CEO Patrick Godin and one other director will join Coeur’s board.
Both Coeur and New Gold have received unanimous board approval, and directors and senior officers of both companies have committed to vote in favor. New Gold shareholders will need a two‑thirds majority to approve the transaction.
The acquisition positions the combined company among the top tier of North American precious‑metals producers, with projected 2026 production of approximately 1.25 million gold‑equivalent ounces, including 900 000 ounces of gold and 20 million ounces of silver. The transaction also accelerates Coeur’s transformation into a lower‑cost, higher‑margin operation, leveraging New Gold’s lower‑cost assets and exploration potential at New Afton and Rainy River.
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