New Gold's New Afton mine west of Kamloops, B.C., in 2021. The operation is one of two to be acquire by U.S. gold miner Coeur Mining in a deal with New Gold.

U.S. gold miner Coeur Mining, Inc. CDE-N has signed a deal to buy New Gold Inc. NGD-T and its two gold mines in Canada in an all-stock deal valued at about US$7-billion ($9.85-billion).

Under the agreement, New Gold shareholders will receive 0.4959 shares of Coeur for each New Gold share.

The companies say the exchange ratio implies a value of US$8.51 per New Gold share, based on the closing price of Coeur shares of common stock on the New York Stock Exchange on Oct. 31.

Existing Coeur shareholders will own about 62 per cent of the combined company, while New Gold shareholders will hold about 38 per cent.

New Gold owns the Ra

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