Merger in Gold Mining
August 5, 2008 · Posted in Gold, Mining Investment
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has agreed to buy a rival Canadian gold mining company, Gold Eagle Mines, for about 1.5 billion Canadian dollars ($1.47 billion) to pick up the Bruce Channel gold discovery, an exploration project adjacent to Goldcorp’s flagship Red Lake operation. Gold Eagle shareholders will receive 6.80 Canadian dollars in cash and 0.146 shares of Goldcorp for each of their shares. That values each Gold Eagle share at a 19 percent premium to Wednesday’s closing price. Goldcorp, based in Vancouver, British Columbia, already owns 4.7 percent of Toronto-based Gold Eagle. Goldcorp also reported an unexpected second-quarter loss, cut its production outlook and raised its 2008 cost estimates.
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