Goldcorp, Barrick Gold to sell Marigold mine to Silver Standard
04 Feb 2014
Goldcorp Inc and Barrick Gold, two of the world's biggest gold producers, yesterday agreed to sell their Marigold mine in Nevada to Silver Standard Resources, for $275 million.
"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," Chuck Jeannes, CEO of Goldcorp said in a statement.
"The acquisition of Marigold accomplishes our strategic goal of adding an operating mine in a well-established, low-risk mining jurisdiction," Silver Standard CEO, John Smith said in a statement.
Located in Nevada, Marigold is an open pit mine that has been in production for over two decades. Originally a modest, conventional milling operation, the mine was converted into a large run-of-mine heap leach operation, producing 108,000 ounces of gold for Goldcorp in 2013.
The mine has estimated life of 16 years and has reserves of around 3,280,000 ounces of gold.
Vancouver-based Goldcorp, which last month launched an $2.4 billion hostile bid for fellow Canadian gold miner Osisko Mining, holds 66.7 per cent stake in Marigold, while the remaining 33.3 per cent is held by Barrick Gold.
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