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.
Edited by: Creamer Media Reporter
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