U.S. company to acquire New Gold, operator of Kamloops’ New Afton mine, pending approvals
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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.
Coeur Mining announced its pending purchase of all issued and outstanding shares of New Gold and its two Canadian mines in a $7-billion USD all-stock deal. Coeur says 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, along with other “applicable regulatory approvals.”
In a joint news release issued Monday (Nov. 3), Coeur Mining and New Gold say the plan from the combined company is to speed up levels of interest in exploration and expansion at New Afton and the Rainy River Mine in Stratton, Ontario. Additionally, they plan to continue to evaluate Coeur’s Silvertip critical minerals exploration project in Northern B.C.
Coeur says it plans to increase Canadian representation on its board of directors and senior management, along with maintaining its office in Vancouver and New Gold’s corporate office in Toronto. In total, Coeur says the combined company will have more than 1,700 employees across Canada, along with 450 contactors.
