) announced that it will not raise its offer to acquire all of
the outstanding common shares of Osisko Mining Corp. which is set
to expire on Apr 22. The company had previously raised its offer
to buy all of the outstanding common shares of Osisko to C$7.65
per Osisko share for a total consideration of roughly C$3.6
billion ($3.3 billion).
Agnico Eagle Mines Ltd
) entered into an agreement with
Yamana Gold Inc.
) and Osisko, under which Agnico Eagle and Yamana will jointly
acquire 100% of Osisko's issued and outstanding common shares.
Both the companies agreed to acquire Osisko for a total
consideration of about C$3.9 billion ($3.5 billion) or C$8.15
($7.42) per share. The purchase price represented an 11% premium
to the current value of Goldcorp's recently announced revised bid
Goldcorp remains committed not to extend its offer and remain
focused on maximizing the value of its investments and generating
strong returns for its shareholders.
Recently, Goldcorp hosted its annual Investor Day. The company
also declared its first-quarter 2014 gold production, preliminary
all-in sustaining costs and revised gold production outlook for
Gold production for the first quarter totaled 680,000 ounces
and all-in sustaining costs for the same period are expected to
be roughly $875 per ounce. However, the final calculation of
capital and operating costs has not been completed yet.
Goldcorp also revised its gold production outlook for 2014
between 2.95 million ounces and 3.1 million ounces. The company
anticipates all-in sustaining costs to remain within the range of
$950 and $1,000 per ounce of gold. The revision in 2014 outlook
was due to the sale of the Marigold joint venture.
Goldcorp, which currently carries a Zacks Rank #3 (Hold), will
release its full first-quarter 2014 results on May 1.
A better-ranked stock in the gold mining industry is
AngloGold Ashanti Ltd.
), carrying a Zacks Rank #1 (Strong Buy).
AGNICO EAGLE (AEM): Free Stock Analysis
ANGLOGOLD LTD (AU): Free Stock Analysis
YAMANA GOLD INC (AUY): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
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