Goldcorp Inc. (NYSE:GG) said today it has made a deal with Andean Resources (TSE:AND) to acquire all their outstanding shares for $3.4 billion. That's a 35 percent premium over their Thursday close on the Toronto Stock Exchange.
The Cerro Negro gold project in Argentina is the major impetus behind the interest of Goldcorp in Andean.
Chuck Jeannes, Goldcorp President and Chief Executive Officer said, "This transaction adds another key asset to Goldcorp's peer-leading growth profile and low-cost gold production pipeline. Cerro Negro is a high-grade, near-surface system that is expected to generate significant gold production at low cash operating costs following a relatively short construction period. As well, the potential exists for discoveries of new veins within this large, prospective land position."
The deal has already been approved by boards of Goldcorp and Andean unanimously, and should close in the latter part of 2010 or the early part of 2011.
Showing posts with label Chuck Jeannes. Show all posts
Showing posts with label Chuck Jeannes. Show all posts
Friday, September 3, 2010
Thursday, September 2, 2010
Goldcorp (NYSE:GG) Close to Commerical Production at Penasquito
Goldcorp Inc. (NYSE:GG) is close to completing the construction phase of its Penasquito mine in Mexico, and president and chief executive officer, Chuck Jeannes, said he anticipates, in the near future, announcing commercial production has launched.
“We’re just completing construction and, hopefully within just a matter of days, of declaring commercial production at Penasquito,” Jeannes said.
Jeannes added, the project remains on schedule, and is within the projected budget of $1.7 billion.
The Penasquito mine project is the major impetus behind the strategy by Goldcorp of increasing their production by 50 percent over above, over the next five years.
The first year of the mine should produce 180,000 ounces of gold, increasing to an average of about 500,000 ounces a year, topping off at about 800,000 ounces of gold produced by 2014.
Gold reserves at estimated at 17.8 million ounces, and silver reserves at 30 million ounces. There is also zinc and lead in the mine.
“We’re just completing construction and, hopefully within just a matter of days, of declaring commercial production at Penasquito,” Jeannes said.
Jeannes added, the project remains on schedule, and is within the projected budget of $1.7 billion.
The Penasquito mine project is the major impetus behind the strategy by Goldcorp of increasing their production by 50 percent over above, over the next five years.
The first year of the mine should produce 180,000 ounces of gold, increasing to an average of about 500,000 ounces a year, topping off at about 800,000 ounces of gold produced by 2014.
Gold reserves at estimated at 17.8 million ounces, and silver reserves at 30 million ounces. There is also zinc and lead in the mine.
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