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Goldcorp, Inc. declared that it has concluded the earlier announced acquisition of Kaminak Gold Corporation by way of a court-approved plan of arrangement.
Under the arrangement, Goldcorp acquired all of the issued and outstanding common shares of Kaminak for consideration of 0.10896 Goldcorp common shares for each outstanding Kaminak share. Goldcorp now owns 100% of the outstanding shares of Kaminak. Goldcorp issued an aggregate of 20,997,312 Goldcorp Shares to former Kaminak shareholders on closing of the arrangement.
Kaminak's primary asset is the wholly owned Coffee Gold project – a hydrothermal gold deposit located at Yukon. This project has considerable potential for near-mine discoveries, with mineralization remaining open along strike and at depth. The Coffee gold deposit currently has total indicated gold mineral resources of 3 million ounces and total inferred gold mineral resources of 2.2 million ounces.
The acquisition is in sync with Goldcorp’s strategy of aligning with smaller exploration companies to identify and develop mining districts with large exploration potential that can grow its net asset value per share. The Coffee Gold project is located within a politically stable jurisdiction and shall provide the company an opportunity to add high quality ounces to its development pipeline, at low all-in sustaining costs. The project will create lasting benefits for local First Nations and Goldcorp communities.
Goldcorp, which is among the top gold producers, along with Barrick Gold , Newmont (NEM - Free Report) and Kinross Gold (KGC - Free Report) , reported a profit of $80 million or 10 cents per share for first-quarter 2016 versus a net loss of $87 million or 11 cents per share logged a year ago, aided by reduced costs.
Adjusted earnings (excluding one-time items) for the quarter came in at 9 cents per share, beating the Zacks Consensus Estimate of 4 cents. Adjusted loss excludes one-time items, including positive deferred tax effects of foreign exchange on tax assets and liabilities and restructuring costs.
The company posted revenues of $944 million in the reported quarter, down around 7.2% year over year. Revenues, however, beat the Zacks Consensus Estimate of $930 million.
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Goldcorp (GG) Closes Kaminak Gold Acquisition
Goldcorp, Inc. declared that it has concluded the earlier announced acquisition of Kaminak Gold Corporation by way of a court-approved plan of arrangement.
Under the arrangement, Goldcorp acquired all of the issued and outstanding common shares of Kaminak for consideration of 0.10896 Goldcorp common shares for each outstanding Kaminak share. Goldcorp now owns 100% of the outstanding shares of Kaminak. Goldcorp issued an aggregate of 20,997,312 Goldcorp Shares to former Kaminak shareholders on closing of the arrangement.
Kaminak's primary asset is the wholly owned Coffee Gold project – a hydrothermal gold deposit located at Yukon. This project has considerable potential for near-mine discoveries, with mineralization remaining open along strike and at depth. The Coffee gold deposit currently has total indicated gold mineral resources of 3 million ounces and total inferred gold mineral resources of 2.2 million ounces.
The acquisition is in sync with Goldcorp’s strategy of aligning with smaller exploration companies to identify and develop mining districts with large exploration potential that can grow its net asset value per share. The Coffee Gold project is located within a politically stable jurisdiction and shall provide the company an opportunity to add high quality ounces to its development pipeline, at low all-in sustaining costs. The project will create lasting benefits for local First Nations and Goldcorp communities.
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Goldcorp, which is among the top gold producers, along with Barrick Gold , Newmont (NEM - Free Report) and Kinross Gold (KGC - Free Report) , reported a profit of $80 million or 10 cents per share for first-quarter 2016 versus a net loss of $87 million or 11 cents per share logged a year ago, aided by reduced costs.
Adjusted earnings (excluding one-time items) for the quarter came in at 9 cents per share, beating the Zacks Consensus Estimate of 4 cents.
Adjusted loss excludes one-time items, including positive deferred tax effects of foreign exchange on tax assets and liabilities and restructuring costs.
The company posted revenues of $944 million in the reported quarter, down around 7.2% year over year. Revenues, however, beat the Zacks Consensus Estimate of $930 million.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>