US Stock Market Move | Coeur Mining, Inc. (CDE.US) fell more than 8% and will acquire Canadian miner New Gold (NGD.US) in an all-stock deal.

On Monday, Coeur Mining, Inc. (CDE.US) saw its stock price drop, falling more than 8% to $15.63 as of the time of writing. In terms of news, Coeur Mining, Inc. announced that it will acquire Canadian mining company New Gold (NGD.US) in an all-stock deal valued at around $7 billion. After the merger, the combined company's total market value is expected to reach around $20 billion, establishing itself as a new giant in the North American precious metals sector. New Gold's stock price rose by almost 3% to $7.58. Once the merger is complete, the two companies will form a cross-border mining group operating in the United States and Canada, with an estimated annual production of approximately 900,000 ounces of gold and 20 million ounces of silver by 2026, ranking among the top in North America. Coeur Mining, Inc. currently operates five mines in the United States and Mexico, while New Gold owns two gold production sites in Canada Rainy River and New Afton. This acquisition will mark Coeur Mining, Inc.'s first operational assets in Canada.