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Gold miner Goldcorp Inc. (GG - Analyst Report) announced that it will not raise its offer to acquire all of the outstanding common shares of Osisko Mining Corp. which is set to expire on Apr 22. The company had previously raised its offer to buy all of the outstanding common shares of Osisko to C$7.65 per Osisko share for a total consideration of roughly C$3.6 billion ($3.3 billion).

Last week, Agnico Eagle Mines Ltd. (AEM - Analyst Report) entered into an agreement with Yamana Gold Inc. (AUY - Snapshot Report) and Osisko, under which Agnico Eagle and Yamana will jointly acquire 100% of Osisko's issued and outstanding common shares. Both the companies agreed to acquire Osisko for a total consideration of about C$3.9 billion ($3.5 billion) or C$8.15 ($7.42) per share. The purchase price represented an 11% premium to the current value of Goldcorp’s recently announced revised bid for Osisko.

Goldcorp remains committed not to extend its offer and remain focused on maximizing the value of its investments and generating strong returns for its shareholders.

Recently, Goldcorp hosted its annual Investor Day. The company also declared its first-quarter 2014 gold production, preliminary all-in sustaining costs and revised gold production outlook for 2014.

Gold production for the first quarter totaled 680,000 ounces and all-in sustaining costs for the same period are expected to be roughly $875 per ounce. However, the final calculation of capital and operating costs has not been completed yet.

Goldcorp also revised its gold production outlook for 2014 between 2.95 million ounces and 3.1 million ounces. The company anticipates all-in sustaining costs to remain within the range of $950 and $1,000 per ounce of gold. The revision in 2014 outlook was due to the sale of the Marigold joint venture.

Goldcorp, which currently carries a Zacks Rank #3 (Hold), will release its full first-quarter 2014 results on May 1.

A better-ranked stock in the gold mining industry is AngloGold Ashanti Ltd. (AU - Snapshot Report), carrying a Zacks Rank #1 (Strong Buy).

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