This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Goldcorp Secures Camino Rojo Project

(Goldcorp article updated with additional background information on the deal, along with movement in the stock price.)

NEW YORK ( TheStreet) -- Goldcorp (GG - Get Report) has secured an important gold and silver resource near its Peñasquito mine in Zacatecas, Mexico.

Goldcorp announced Thursday that it had completed its acquisition of Canplats Resources, securing the Camino Rojo project.

Camino Rojo is situated about 50 kilometers southeast of Goldcorp's Peñasquito mine. It nearly quadruples Goldcorp's total land package in a core district.

Camino Rojo's 3,389-square-kilometer land package includes the Represa Deposit, which has reported measured and indicated resources of more than 3.4 million gold ounces and more than 60.7 million silver ounces.

Each Canplats share will be exchanged for C$4.60 in cash under the deal. Holders of each Canplats share will also receive a distribution from Canplats of one share in a new exploration company with a notional value of C$0.20 for total consideration of C$4.80 per share.

Goldcorp secured Canplats Resources after winning a bidding war against Newmont Mining (NEM) and others. Recently it also beat rival Barrick Gold (ABX) in a deal to acquire Chilean mine El Morro.

Goldcorp describes itself as the lowest-cost and fastest-growing multimillion ounce gold producer with operations throughout the Americas. The company says its gold production remains 100% un-hedged.

Shares in Goldcorp were down by almost 4%, to $33.78, in mid-morning trading, following the downward movement of the entire metals-and-mining sector Thursday.

-- Reported by Andrea Tse in New York


>>See our new stock quote page.

Follow on Twitter and become a fan on Facebook.
Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GG $14.57 2.90%
AAPL $94.26 -0.77%
FB $101.50 2.00%
GOOG $684.03 0.87%
TSLA $163.06 10.00%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs