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Chicago-based Company Buys Wharf Gold Mine For $105M In Cash

LEAD, S.D. (AP) — A Chicago-based company has bought the Wharf gold mine in western South Dakota.

Coeur Mining Inc. finalized the sale of the gold mine near Lead from its parent company, Goldcorp Inc., for $105 million in cash on Friday. Goldcorp is based in Vancouver, British Columbia, Canada.

The Black Hills Pioneer reports ( ) that the mine is expected to produce up to 78,000 ounces of gold in 2015. Wharf said last year that it produced about 56,000 in 2013.

The mine employs about 190 people. Coeur senior vice president Keagan Kerr says the company doesn’t expect any lay-offs or reduction in workforce.

Senior Vice President and Chief Operating Officer Frank Hanagarne says the projected life of the mine is eight years but the company plans to expand exploration drilling.


Information from: Black Hills Pioneer,