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Newmont’s Cripple Creek & Victor mine to move to SSR Mining; legacy fund winding down
Summary
Newmont presented 2024 community impact figures for Cripple Creek & Victor (CCV), said it expects to finalize a sale to SSR Mining and announced the company will wind down its employee 'Legacy Fund' and distribute remaining grants through Q1 2025.
Newmont representatives updated the Woodland Park City Council on Feb. 6 about the Cripple Creek & Victor (CCV) Gold Mine’s recent corporate changes, permit activity and community investments.
Caitlin Bridal, external relations supervisor, told council that Newmont announced a plan in February 2024 to divest six assets, including CCV, and in December 2024 entered an agreement under which SSR Mining will acquire the operation. Bridal said SSR Mining is expected to finalize the sale within weeks and has committed to work with Colorado regulators and local stakeholders to meet closure and reclamation obligations; she said SSR has an existing Colorado presence with Denver offices.
Bridal and Shelby Mullen, CCV external relations coordinator, described ongoing permitting work: CCV submitted "Amendment 14" to its operating permit seeking internal leach-pad expansion and pit work at Globe Hill, East Crescent and Elkton. Bridal said the amendment has been deemed a complex application by the Division of Reclamation, Mining and Safety (DRMS) and will be reviewed by DRMS and then Teller County.
Mullen reviewed CCV’s community contributions and economic impacts for 2023 and 2024 reporting where available. She said CCV’s employee giving program, the Legacy Fund, donated $189,750 in 2024 (approximately $172,748 to nonprofits and $17,000 to endowments) and that Newmont has decided to wind down the Legacy Fund; remaining checks and endowment commitments will be settled through Q1 2025. Companywide 2023 figures shown to council included $422 million in U.S. employee wages/benefits, $40 million in U.S. taxes, 430 average employees at CCV and 290 direct and indirect suppliers; CCV production for 2024 was reported at about 172,000 ounces with 1.3 million ounces of reserves.
Mullen said the mine’s Community Investment Committee received about $200,000 from company contributions in 2024 and supports local scholarships, school grants (Woodland Park and Cañon City), volunteer time and in-kind donations. She said the three Teller/Fremont/El Paso county endowments established under the Legacy Fund will continue to be managed according to their governing commitments and that Newmont and incoming owner will explore transfer options to community organizations for long-term management.
Council members asked whether the new owner will keep CCV staff; Newmont representatives said SSR Mining expects no workforce changes. Council members also asked whether SSR might restart an employee giving program; Newmont said that is possible but undecided.
