U.S.-based Coeur Mining has officially acquired Canadian miner New Gold in a deal valued at US$7 billion, bringing the New Afton gold and copper mine, located just 10 kilometres west of Kamloops, into its expanding North American portfolio.

The combined company will operate seven mines across North America, including New Afton and New Gold’s Rainy River gold mine in Ontario, along with Coeur’s existing operations in Alaska, Nevada, South Dakota, and Mexico. Exploration work is also ongoing elsewhere in British Columbia.

The companies say the merger is expected to produce 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper in 2026, cementing the combined entity as one of the largest North American-only precious metals producers.

“Today is a monumental day for New Gold,” said Patrick Godin, New Gold’s president and CEO, who will join Coeur’s board of directors once the transaction closes.

Mitchell Krebs, Coeur’s chairman, president and CEO, described the merger as offering “clear and compelling benefits” for shareholders of both companies, calling it an “extraordinary opportunity to create an unrivalled North American-only mining powerhouse at just the right time.”

Under the terms of the deal, New Gold shareholders will receive 0.4959 Coeur shares for each New Gold share, representing US$8.51 per share based on Coeur’s closing price on October 31. The resulting ownership structure will see existing Coeur shareholders holding 62% of the combined company, while New Gold shareholders will retain 38%.

The transaction is subject to approval by a B.C. court under the provincial Business Corporations Act, as well as a shareholder vote expected in early 2026.

For Kamloops, the deal highlights the growing strategic importance of the New Afton mine in B.C., ensuring continued investment and integration into a larger North American mining operation.