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The Osisko mine in western Quebec has 10 million ounces of proven and probable reserves and produced nearly 500,000 ounces of gold in 2013.
The Osisko mine in western Quebec has 10 million ounces of proven and probable reserves and produced nearly 500,000 ounces of gold in 2013.
(Mathieu Dupuis/Osisko Mining)

Goldcorp strikes, while the bidding is not so hot

The first thing that stands out about Goldcorp Inc.’s $2.6-billion hostile takeover bid for Osisko Mining Corp. is that it’s happening at all. In the fading gold market, major gold companies have been shedding underperforming assets, conserving cash and taking multi-billion-dollar writedowns, not launching multi-billion-dollar takeovers. But with asset prices much lower than they were a couple of years ago, Goldcorp is taking a leap to secure future production and reserves to replace those that have evaporated along with the high gold price.