The announcement that Newmont Corp was planning sell the Cripple Creek & Victor Gold Mine was like the refrain of an old, sad song for employees of the mine and residents of the historic mining district.

Jeff Mosher, special projects director for the city of Cripple Creek said last week that a mine representative told him the mine remains a strong asset, but the company’s portfolio is too large, thus it selling some of its smaller properties.

The news of an impending change in ownership is a “here we go again” scenario for locals, Mosher said.

The company has sold four times over the past few decades, he said.

“It’s a little nerve-wracking for folks that live and work there,” he said. “Typically, you’ll see movement at the very top, but they don’t get rid of all the staff.

“It’s pretty solid what they do and the Memorandums of Understanding they have with the city and county and nonprofits have survived in the past,” he said. “So, we are anticipating things will continue as they are.”

Still, Mosher said, “We’re not looking forward to it; it’s good to have someone (an owner) that’s stable.”

Newmont bought the Cripple Creek & Victor Gold Mine in 2015 from AngloGold Ashanti Ltd., for $820 million plus a 2.5% net smelter return royalty on future gold production from underground ore.

The open-pit surface mine recovers gold from ore by heap leaching.

Formerly the Cresson Mine, the most lucrative gold mine in Colorado history and the only remaining significant gold producer in the state, the Cripple & Victor Gold Mine is an influential business both nationally and locally, Mosher said.

“There’s a lot of gold and precious metals in electronic devices and cell phones,” he said. “And gold is going up in price.”

Gold was selling for just over $2,100 an ounce in early March, reports showed.

Newmont currently is expanding its leach pits to add tonnage on the ground and increase the value of the operation, Mosher said.

It is unknown when the company will go on the market, but a sale within 12 months is the goal, according to a corporate spokesperson.

The mine’s production target for 2024 is just under 200,000 ounces of gold, Mosher said. The mine’s 2022 production was 182,000 ounces of gold, according to its website. That’s down substantially from its height of 329,625 ounces mined in 2005.

Last year, Newmont Corp.’s global production was 5.5 million gold ounces and 891,000 gold equivalent ounces from copper, silver, lead and zinc, according to the year-end report.

Philanthropy is another significant aspect of the mine that community leaders hope will continue. The Cripple Creek & Victor Gold Mine donated $500,000 last year to Teller County nonprofits and government agencies, Mosher said.

“That’s a pretty good impact,” he said. “It’s a goodwill gesture that benefits the whole county.”

Trucks transporting ore and unusable minerals from open-pit mines at the Cripple Creek & Victor Gold Mine. (Gazette file photo)

Debbie Kelley, The Gazette file photo