SSR to buy Roxmore for $464M, boosts value of Nevada gold mine
The deal would strengthen SSR’s position among the largest US gold producers while building a long-term production hub in Nevada.
Mining company SSR Mining announced it will acquire Roxmore Resources for $464 million, bolstering its gold production capacity in Nevada. The deal adds Roxmore's Converse project to SSR's portfolio, situated just six kilometers west of the existing Marigold mine. Converse could boost annual gold production by 150,000 to 170,000 ounces over a 10-year period, potentially increasing SSR's U.S. production profile by a significant margin.
Analysts view the acquisition as a strategic move that aligns with SSR's low-capital-intensity growth strategy, offering potential financial benefits and operational efficiencies. The transaction is seen as a compelling opportunity by SSR's executives, who have been monitoring Converse closely. This acquisition also comes in the wake of SSR's recent sale of its stake in Turkey's Çöpler mine following a tragic accident.
SSR's shares experienced a short-term dip but surged after the deal announcement, while Roxmore's stock experienced a significant increase as well.
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