Archive | Goldcorp Inc.

Century Project, lookout nearing completion, and more updates from Porcupine Gold Mines – by Maija Hoggett (Timmins Today – September 11, 2019)

https://www.timminstoday.com/

All-electric Borden Mine almost ready to open

From a public lookout of the open pit to the Newmont acquistion and where the Century Project is at, everything was on the discussion table for Marc Lauzier today.

Lauzier is the general manager of Newmont Goldcorp’s Porcupine Gold Mines and was the featured speaker at the Timmins Chamber of Commerce’s quarterly Inside Their Business event. Earlier this year, the $10-billion merger of Newmont Mining Corp. and Goldcorp was completed, creating a new company – Newmont Goldcorp.

The local operations involved are the Porcupine Gold Mines, which includes the Hoyle Pond underground mine and Hollinger open-pit. Borden Lake near Chapleau is opening this year and is an all-battery-electric mine. The Century project is also still in development. Continue Reading →

Deals by foreign buyers near $40-billion, set to eclipse last year’s pace – by Jeffrey Jones (Globe and Mail – August 6, 2019)

https://www.theglobeandmail.com/

Acquisitions in Canada by foreign buyers are already approaching the dollar value for all of 2018, as confidence in the economy trumps rising global trade tension and a dearth of deals in the oil patch.

Deals announced in the first half of 2019 topped $39.3-billion, only slightly less than the $40.2-billion worth of deals in all of 2018, a year considered to have been brisk for deal-making by foreigners, according to figures from the law firm Torys LLP.

Based on announced transactions and those the firm knows are being discussed, it is shaping up to be a strong year, though it is too early to predict a record, said Cornell Wright, co-head of Torys’ mergers and acquisitions practice. Continue Reading →

Mexico’s Zacatecas state offers to mediate Newmont Goldcorp mine dispute (Reuters U.S. – May 28, 2019)

https://www.reuters.com/

MEXICO CITY (Reuters) – Authorities from Mexico’s Zacatecas state hope to mediate an agreement to end a two-month blockade at the Penasquito gold mine between mining firm Newmont Goldcorp Corp and villagers in San Juan de Cedros.

The dispute at Penasquito, Mexico’s largest gold and silver mine, has led to losses for public coffers and the firm, as well as lost pay for workers and contractors.

“Our priority is that the mine resume its activities,” said Jehu Salas, the secretary general of the northern state of Zacatecas, where open-pit Penasquito is located. Continue Reading →

Newmont beats expectations, but mum on Goldcorp results – by Niall McGee (Globe and Mail – April 26, 2019)

https://www.theglobeandmail.com/

Newmont Goldcorp Corp. has topped earnings expectations just days after taking the crown as the world’s biggest gold company, but mine disruptions are leaving analysts with some unanswered questions.

Last week, Colorado-based Newmont Goldcorp – formerly Newmont Mining Corp. – closed its US$10-billion acquisition of Vancouver-based Goldcorp Inc. The deal vaulted Newmont Goldcorp ahead of Toronto-based Barrick Gold Corp., making it the biggest gold miner by production, value and reserves.

As part of the deal, Newmont Goldcorp acquired a suite of new mines and development projects across North and South America. Newmont Goldcorp previously said the combination should lead to cost savings of US$365-million a year. Continue Reading →

NEWS RELEASE: Newmont and Goldcorp Successfully Create World’s Leading Gold Company (April 18, 2019)

DENVER–(BUSINESS WIRE)–Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced the successful conclusion of its transaction combining Newmont Mining Corporation and Goldcorp Inc. to form the world’s leading gold business.

The resulting company features an unmatched portfolio of assets, prospects and talent. This portfolio includes long-life operations and profitable expansion and exploration options in some of the world’s most favorable mining jurisdictions. Newmont Goldcorp will also offer investors the highest annual dividend and the largest Reserves and Resources per share among senior gold producers.

“We’ve met our goal to become the world’s leading gold business, and we’ll maintain that position by executing our winning strategy,” said Gary J. Goldberg, Chief Executive Officer. “That strategy focuses on constantly improving safety and efficiency at our current operations while we continue to invest in expansions and exploration to fuel next generation production. An equally important part of that strategy is to meet stakeholders’ expectations by continuing to lead the sector in value creation and sustainability performance.” Continue Reading →

Newmont shareholders back Goldcorp takeover; deal expected to close later this quarter – by Niall McGee (Globe and Mail – April 12, 2019)

https://www.theglobeandmail.com/

Newmont Mining Corp. shareholders have voted resoundingly in favour of the company’s US$10-billion acquisition of Vancouver’s Goldcorp Inc., removing the last major obstacle to one of the biggest deals ever in the gold sector.

Shareholders on Thursday voted more than 98 per cent in favour of the transaction. A week ago, Goldcorp shareholders also voted in favour of the deal.

The transaction, expected to close later this quarter, means Colorado-based Newmont will bypass Toronto’s Barrick Gold Corp. and take the triple crown as biggest gold company in the world by market value, production and reserves. Continue Reading →

Vancouver-based Goldcorp swallowed up in deal to create world’s largest gold miner – by Gabriel Friedman (Financial Post – April 11, 2019)

https://business.financialpost.com/

Assets across the Americas, Africa and Australia

In a sign of the changes sweeping Canada’s gold mining sector, control of one-time darling Vancouver-based Goldcorp Inc. transferred south of the border on Thursday.

Shareholders of Colorado-based Newmont Mining Inc. voted to approve a US$10 billion purchase of Goldcorp, creating the largest gold company in the world with a market capitalization of roughly US$29 billion.

Analysts have long predicted there would be consolidation in the gold industry and the merger was first announced in January, just weeks after Toronto-based Barrick Gold Corp. completed its US$6 billion acquisition of Randgold Resources Ltd. Continue Reading →

Goldcorp’s Ian Telfer rode the gold highs — but exits on a low note – by Gabriel Friedman (Financial Post – April 6, 2019)

 

(Canadian Business Hall of Fame Video – May 2018)

https://business.financialpost.com/

Gold’s now a game of musical chairs — and Ian Telfer ensured Goldcorp is not left stranded

After helping to build what was once the most valuable gold mining company in the world, Goldcorp Inc. chairman Ian Telfer is planning to exit on a low-note — albeit $12 million richer.

Earlier this year, Telfer cut a deal to sell Goldcorp for US$10 billion — a 78 per cent hair cut from its peak valuation of US$45 billion back in 2011 when gold prices were soaring.

On Thursday, in a sign of how far the company has fallen, Goldcorp shareholders voted nearly unanimously to approve the deal. Proxy advisors have recommended Newmont shareholders do the same when they vote April 11. Continue Reading →

Goldcorp shareholders approve US$10-billion acquisition by Newmont – by Niall McGee (Globe and Mail – April 5, 2019)

https://www.theglobeandmail.com/

Goldcorp Inc. shareholders have voted decisively in favour of the company’s US$10-billion acquisition by Newmont Mining Corp., removing one more roadblock in what would be one of the biggest deals in the history of the gold sector.

Shareholders met in Vancouver on Thursday with more than 97 per cent voting in favour. The threshold for a successful outcome was at least two thirds of votes cast.

On April 11, Newmont shareholders will weigh in on the transaction in what will be the final major hurdle. Goldcorp shares rose by 1.8 per cent on Thursday to close at $15.63 apiece on the Toronto Stock Exchange. Continue Reading →

Wrestle mania: inside the Goldcorp-Newmont-Barrick mega deal – by Heidi Vella (Mining Technology – April 2, 2019)

https://www.mining-technology.com/

As Newmont Mining continues to proceed with its $10bn takeover deal of gold-miner Goldcorp, in a shock move, rival Barrick Gold instigated a hostile $18bn takeover bid of Newmont. Heidi Vella takes a look at the potential combinations and their possible impact on the North American gold mining sector.

As 2019 kicked-off, Colorado-based Newmont and Canadian-based Goldcorp announced the two companies had struck a deal to merge, in a move that would see them become one of the biggest mining firms in the world. The following month, the firms’ consolidation overcame its first hurdle after it was approved by both Canadian and Korean regulators.

However, in a surprise move in February, Newmont received an acquisition proposal from Canadian-based mining behemoth Barrick – one of the largest gold mining companies in the world. Continue Reading →

Newmont says shareholders to get special payout if Goldcorp takeover approved – by Niall McGee (Globe and Mail – March 25, 2019)

https://www.theglobeandmail.com/

Newmont Mining Corp. intends to pay its shareholders a one-time dividend worth US$470-million after a number of large investors pushed for the giant miner to renegotiate terms of its takeover of Goldcorp Inc.

Newmont shareholders who own stock as of April 17 will be entitled to US$0.88 per share. The dividend is payable only if shareholders on both sides approve Newmont’s US$10-billion takeover of Goldcorp.

Last week, Paulson & Co said Newmont should pay about 23 per cent less for Goldcorp in light of its recent joint venture (JV) agreement with Barrick Gold Corp. The hedge fund argued that the JV had materially increased the value of Newmont and as a result it should pay less of its own stock for Goldcorp. Continue Reading →

Paulson says will not support Newmont takeover bid for Goldcorp (Reuters U.S. – March 21, 2019)

https://www.reuters.com/

TORONTO (Reuters) – Paulson & Co Inc will not support Newmont Mining Corp’s planned $10 billion takeover of rival Goldcorp Inc as the premium offered is unjustified, the investor said in a letter on Thursday.

The transaction is dilutive to Newmont shareholders and only Goldcorp shareholders would benefit from the deal’s synergies, Founder John Paulson and Partner Marcelo Kim said in the letter to Newmont Chief Executive Officer Gary Goldberg.

Newmont made a friendly offer in January for Goldcorp in what would be the gold sector’s biggest-ever takeover transaction, a bid to create the world’s largest gold producer. Continue Reading →

Golden executive payoffs hurt shareholders and economy – by Ian Madsen (Troy Media – March 19, 2019)

https://troymedia.com/

Ian Madsen is a senior policy analyst with the Frontier Centre for Public Policy.

The Goldcorp Inc. merger with Newmont Mining Corp. has many people bemoaning the loss of yet another large, independent Canadian company to an opportunistic acquirer.

With the consequent loss of many Goldcorp executive and other head office jobs, the real tragedy is that too many Canadian companies have aimless, dysfunctional, or outright bad managers who rarely face the ramifications of their poor decisions.

Its not just left-leaning people who are frustrated with those at the top receiving enormous salaries, bonuses, performance incentives, stock options and other emoluments. So do professional, institutional and ordinary shareholders. Continue Reading →

Goldcorp’s Ian Telfer gives up director seat at Newmont amid outcry over retirement payment – by Niall McGee (Globe and Mail – March 15, 2019)

https://www.theglobeandmail.com/

Goldcorp Inc. says its long-time chairman will not be joining the board of Newmont Mining Corp. after an outcry over a huge bump in his retirement benefits.

Last week, Goldcorp’s board approved a near-tripling of Ian Telfer’s retirement benefit to US$12-million from US$4.5-million. The cash is payable to Mr. Telfer should Newmont succeed in its plans to buy the Vancouver-based miner. In explanation for the increase, Goldcorp has said Mr. Telfer’s compensation has not historically been adjusted for inflation.

The arrangement was met with scorn by some stakeholders, especially considering Mr. Telfer agreed to sell Goldcorp near a historic low in its stock price. Continue Reading →

David Garofalo to leave Goldcorp after company merger, Newmont CEO says – by David Milstead (Globe and Mail – January 31, 2019)

https://www.theglobeandmail.com/

Goldcorp Inc. chief executive David Garofalo will leave once the company completes its merger with Colorado-based Newmont Mining Corp., says the man who engineered the deal.

Mr. Garofalo’s fate had been a question mark ever since Newmont and Vancouver-based Goldcorp announced their US$10-billion union on Jan. 14. But in an interview with The Globe and Mail, Newmont CEO Gary Goldberg confirmed there is no role planned for the Goldcorp boss once the merger, which will create the world’s largest gold miner, is done.

“David will not continue with us,” said Mr. Goldberg, who will run the new company, to be called Newmont Goldcorp. “He’s been supportive, and the whole [Goldcorp] team has been really great to work with as we work through this process.” Continue Reading →