Coeur Mining and New Gold Unite to Forge a $20 Billion North American Mining Giant
A $7 billion merger between Coeur Mining and New Gold forms a $20 billion North American mining powerhouse, set to redefine the future of precious metals production.
Editorial Team (ET)November 4, 2025
In a move that could reshape the North American mining landscape, Coeur Mining Inc. (NYSE: CDE) has announced the acquisition of New Gold Inc. (TSX: NGD; NYSE American: NGD), forming what executives are calling a new senior precious metals producer anchored entirely in North America. The all-stock transaction, valued at roughly seven billion dollars, unites two of the continent’s strongest mid-tier mining companies under one banner.
A $20 Billion Power Shift
The agreement gives New Gold shareholders 0.4959 shares of Coeur stock for each New Gold share, representing a sixteen percent premium to New Gold’s October 31 closing price. The combined entity will carry a market capitalization of approximately twenty billion dollars, positioning it among the top ten global precious metals producers.
The transaction merges Coeur’s five operating mines across the U.S. and Mexico with New Gold’s two flagship Canadian assets, Rainy River and New Afton. Together, these seven operations are expected to produce twenty million ounces of silver, nine hundred thousand ounces of gold, and one hundred million pounds of copper in 2026, translating into an estimated three billion dollars in EBITDA and two billion in free cash flow.
Leadership Signals Confidence
Mitchell J. Krebs, Coeur’s Chairman, President, and Chief Executive Officer, described the deal as “an extraordinary opportunity to create an unrivaled North American mining powerhouse at just the right time.” He emphasized that both companies are entering a high-cash-flow phase following years of heavy capital investment, setting the stage for a significant expansion in profitability and shareholder returns.
Patrick Godin, President and CEO of New Gold, echoed this optimism, calling the merger “a monumental day” for New Gold’s shareholders and employees. He will join Coeur’s board of directors following the transaction, along with one additional New Gold director.
