New Afton mine (Image credit: CFJC Today/File photo).

By Michael Reeve

MINING DEAL

Coeur Mining expresses excitement for growth with acquisition of New Afton mine near Kamloops

Nov 3, 2025 | 4:24 PM

KAMLOOPS — The Canadian mining company that operates the New Afton mine west of Kamloops is being acquired by a U.S.-based precious metals producer, pending shareholder approval.

Early Monday (Nov 3) morning, Coeur Mining announced its purchase of all shares of New Gold and its two Canadian mine sites in a $7-billion deal. New Gold, who issued the joint statement with Coeur, noted the transaction will require two-thirds of votes cast by New Gold shareholders at a special meeting expected to be held in the first quarter of 2026.

$7 billion is a 16 per cent premium on the current stock evaluation.

“To add those to our company that has five operations, three in the U.S. and two in Mexico, really creates a really unique combination of seven assets, all North America,” said Mitch Krebs, Chairman, President and CEO of Coeur Mining. “Together, we become a real unrivaled precious metals mining company — kind of a top ten global precious metals producer.”

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Even pre-acquisition, Coeur is a top 5 silver producer.

Krebs noted the plan is to keep New Afton doing exactly what it already is, calling it a well-run operation. Coeur also hopes to extend the life of the mine through Block K.

“We should see a maiden resource from that Block K early next year and hopefully that will lay the groundwork for an even longer mine life there,” said Krebs. “In the meantime, we will see Block C start to ramp up, which is an exciting near-term source of growth there. There are a lot of amazing things going on there at New Afton.”

It’s the second major acquisition in B.C. mining so far this year, following the Teck Resources-Anglo American merger. That speaks to province’s resource sector and openness to industry.

“There has become a lot of focus on our industry and British Columbia is really leading, I think, and opening up and supporting those important projects and investments,” Krebs told CFJC News. “It’s a great time to be looking at Canada and at British Columbia.”

A number of regulatory steps will still need to be checked off, but Coeur isn’t expecting any issues in getting the deal across the line.

“We look forward to that engagement and discussion around our commitment and undertakings to Canada, to make it clear how this is a net benefit to Canada in terms of the level of investment that this larger company can make into place like New Afton and Rainy River. We want to keep everybody at New Afton, everybody at Rainy River (New Gold’s other mine in northwestern Ontario),” stated Krebs.

Coeur plans to keep the New Gold Toronto office and also pursue a Toronto Stock Exchange (TSX) listing for the company’s shares.