Posted in | Gold | Mining Business

Goldcorp Sells Stake in Osisko Mining

Goldcorp Inc. sold its 10.1 % stake in Osisko Mining Corp for $13.75 a share amounting to a total of $530 million in cash. The stock of the company went up by 1% after the announcement.

Osisko Mining is developing the $ 1 billion worth Malartic gold mine near Val d’Or in Canada in the Abitibi mining district. The mine is scheduled for commercial production in the second quarter of 2011.

Goldcorp had purchased the stake in Osisko in 2009. In December 2010 Goldcorp was given approval to buy the outstanding shares of Andean resources Ltd. For $ 3.6 billion by an Australian court order. This beat the $ 3.4 billion offer of Eldorado Gold Corp for the project. The US gold miner that was acquired by Goldcorp owned the Cerro Negro gold project in Argentina. The mine is supposed to contain 3.1 million ounces of gold and 25 million ounces of silver.

The President and CEO of Goldcorp, Chuck Jeannes said that the cash raised from the sale would be used to fund existing projects of the company. The company has grown fast with a number of acquisitions along the way. These acquisitions of Goldcorp Inc include Wheaton River, Virginia Gold, Placer Dome's Canadian assets, Glamis Gold, Canplats Resources and the El Morro copper-gold deposit in Chile.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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