Skip to main content

File photo of Chuck Jeannes, CEO of Goldcorp.

Ben Nelms/Reuters

Goldcorp Inc., the company that has made a $2.6-billion hostile takeover offer for smaller rival Osisko Mining Corp., is selling its joint-venture interest in a Nevada gold mine.

Vancouver-based Goldcorp and Barrick Gold Corp. said on Tuesday they are selling their combined interests in the active Marigold mine for $275-million in cash to Silver Standard Resources, also of Vancouver.

Goldcorp did not say if the sale of its 66.7 per cent stake in Marigold is related to its attempt to acquire Osisko, whose main asset is a low-cost gold mine – Canadian Malartic – in northwest Quebec.

Story continues below advertisement

"This transaction is consistent with Goldcorp's ongoing strategy of disciplined portfolio management with an emphasis on creating value for shareholders through the focus on core assets," Goldcorp president and chief executive officer Chuck Jeannes said.

"Marigold has been an important contributor to the growth of Goldcorp and we are pleased that a company with the capabilities of Silver Standard will be taking on this operation."

Goldcorp is also the operator of Marigold; Barrick – the world's largest gold miner – owns a 33.3-per-cent stake in Marigold.

For Toronto-based Barrick, the Marigold sale is part of an ongoing strategy to shed some higher-cost assets and reduce the debt burden.

Silver Standard president and CEO John Smith said Marigold is a welcome addition to its portfolio of "an operating mine in a well-established, low-risk jurisdiction."

Meanwhile, Goldcorp continues in its efforts to clinch Montreal-based Osisko, which has gone to court to try and block the takeover bid.

Osisko alleges that Goldcorp misused confidential information it received in on-and-off merger talks going back more than five years; it also says that Goldcorp's offer of a 15 per cent premium based on the closing prices of Osisko and Goldcorp on the Toronto Stock Exchange on Jan. 10 is too low.

Story continues below advertisement

Canadian Malartic is one of the biggest precious metal mines in Canada, boasting 10.1 million ounces of gold reserves.

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter