) has extended its offer date to acquire all of the outstanding
common shares of Osisko Mining Corporation to Apr 15, 2014. The
company will also continue its due diligence process at Osisko's
Malartic mine in Quebec.
In Jan 2014, Goldcorp commenced an offer to acquire all of the
outstanding common shares of Osisko for about C$2.6 billion
(roughly $2.4 billion) in cash and shares. Under the terms of the
Offer, Osisko shareholders will be entitled to receive 0.146 of a
Goldcorp common share and C$2.26 in cash for each Osisko share.
Upon completion of its full analysis of due diligence findings,
Goldcorp will consider its position and explain its shareholders
the next steps related to its existing offer to acquire Osisko.
Recently, Goldcorp filed National Instrument 43-101 technical
report pertaining to its 100% owned Eleonore project in Quebec
and its 40% owned Pueblo Viejo mine in Central America.
The Eleonore mine is expected to commence production from late
2014. Goldcorp expects gold production in 2014 to be in the band
of 40,000-60,000 ounces. Average annual gold production, once the
mine reaches full production, is expected to be about 600,000
ounces. Gold reserves are expected to be 4 million ounces. Total
capital expenditure is expected to be between $1.8 and $1.9
billion. Roughly $1.3 billion has been already spent for the
completion of the project.
Goldcorp has also set aside the full rehabilitation cost for its
Eleonore gold mine as announced on March 3. Goldcorp has secured
$40.1 million to cover 100% of the closure obligation associated
with the Eleonore mine site.
Goldcorp currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the gold mining sector include
AngloGold Ashanti Ltd.
Golden Star Resources, Ltd.
Richmont Mines Inc.
). While AngloGold carries a Zacks Rank #1 (Strong Buy), Golden
Star Resources and Richmont Mines hold a Zacks Rank #2 (Buy).
ANGLOGOLD LTD (AU): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
GOLDEN STAR RES (GSS): Free Stock Analysis
RICHMONT MINES (RIC): Free Stock Analysis
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