Goldcorp unloads more noncore assets

Goldcorp president and CEO David Garofalo says the group's strategy is to focus on core camps to drive increasing net asset value per share.
VANCOUVER (miningweekly.com) – Canadian gold major Goldcorp has agreed to sell two noncore assets in two days to junior project developers which see more potential in these projects.
Vancouver-headquartered Goldcorp on Thursday announced the sale of its Los Filos mine, in Mexico, to TSX-V-listed Leagold Mining for $438-million.
"The divestiture of Los Filos is consistent with our strategy of focusing on our core camps to drive increasing net asset value per share," stated Goldcorp president and CEO David Garofalo.
The payment consists of $279-million in cash, $71-million in Leagold common shares and $88-million in tax receivables. Goldcorp said it expected to recognise a reversal of a 2015 impairment in mining interests at Los Filos of about $30-million to $60-million on a pre-tax basis.
Subject to customary closing conditions, the transaction is expected to close in the first quarter of 2017. Gold production at Los Filos in 2015 totalled 272 900 oz.
Goldcorp on Wednesday also announced the sale of the Cerro Blanco gold/silver project, located in Guatemala, to TSX-V-listed Bluestone Resources.
Bluestone will pay for the asset with $18-million in cash, a 1% net smelter return royalty on production and with common shares representing 9.9% of the issued and outstanding stock. Goldcorp will also receive a payment of $15-million in cash upon Bluestone declaring commercial production at Cerro Blanco.
The Cerro Blanco project is a construction-ready, fully permitted, feasibility stage development project located 160 km by road from Guatemala City.
Goldcorp has also granted Bluestone a right of first refusal on certain assets and equipment at the Marlin mine, also located in Guatemala, which is winding down operations as it nears depletion.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















