Goldcorp sells mines in two deals; Leagold buying Los Filos for US$438 million
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VANCOUVER — Goldcorp Inc. (TSX:G) has announced two deals to sell mining operations in Mexico and Guatemala to separate buyers.
In the bigger transaction, Vancouver-based Goldcorp will receive an estimated US$438 million worth of cash, stock and other assets by selling the Filos gold-and-silver mine in Mexico to Leagold Mining Corp. (TSXV:LMC.H).
The stock portion of the deal is valued at $71 million and will represent about 30 per cent of Leagold's outstanding shares after the transaction. Goldcorp also will retain certain tax receivables worth about $88 million.
Goldcorp has also has agreed to sell its Cerro Blanco gold-silver project in Guatemala to Bluestone Resources Inc. (TSXV:BSR). Bluestone will pay $18 million in cash, an additional $15 million cash when commercial production begins, a one per cent net smelter return royalty on production and Bluestone shares representing a 9.9 per cent stake in the company.
The Cerro Blanco sale is expected to close in the first quarter, subject to conditions.
Goldcorp has also granted Bluestone a right of first refusal with respect to certain assets and equipment at the Marlin mine, also located in Guatemala. Its last ore production is set to be process early in 2017.
Goldcorp will release its results for the fourth quarter of 2016 after markets close on Feb. 15.