UPDATE 1-Goldcorp says to stop hoarding gold, sell stash
Tue Mar 22, 2005 05:18 PM ET
(Adds details. Amounts in U.S. dollars)
VANCOUVER, British Columbia, March 22 (Reuters) - Goldcorp Inc. (G.TO: Quote, Profile, Research) , fresh from its takeover of Wheaton River Minerals Ltd. (WRM.TO: Quote, Profile, Research) , said on Tuesday it plans to stop its trademark practice of hoarding a third of its gold output so it can use the money from metal sales to make acquisitions.
The Canadian gold producer also said it intends to sell its 240,000-ounce cache of gold early in the second quarter and will use the cash to pay for the purchase of the Bermejal gold deposit in Mexico, which will cost $70 million.
At Tuesday's spot gold price of $426.40 an ounce, Goldcorp's cache would be worth about $102 million.
The Bermejal deposit, which contains an indicated gold resource of 2.4 million ounces, is owned by a joint venture made up of Industrias Penoles (PENOLES.MX: Quote, Profile, Research) and Newmont Mining Corp. (NEM.N: Quote, Profile, Research) , respectively the world's largest silver and gold producers.
"By financing this acquisition through the sale of our gold bullion inventory, we are converting 240,000 ounces of gold in the bank vault into 2.4 million ounces of gold in the ground," said Ian Telfer, Goldcorp's new chief executive and the former CEO of Wheaton River.
"This is accretive by any measure," he said.
Goldcorp said the deposit is 2 km (1.25 miles) from the firm's Los Filos gold find, where a feasibility study is being conducted. The company plans to move the processing facility to a more central location to process material from both deposits and turn the two finds into a single mining operation.
($1=$1.21 Canadian)
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Goldcorp Inc. and Wheaton River Minerals Ltd.: Goldcorp Acquires Bermejal Gold Deposit in Mexico
Tuesday March 22, 4:33 pm ET
Acquisition to be Financed by Sale of Gold Bullion Inventory
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 22, 2005--Goldcorp Inc. (TSX:G - News; NYSE:GG - News), and Wheaton River Minerals Ltd. (TSX:WRM - News; AMEX:WHT - News; together "Goldcorp"), are pleased to announce the acquisition by their Mexican operating arm, Luismin, of the 2.4 million ounce Bermejal Gold Deposit in Mexico for cash consideration of US$70 million. Closing of the acquisition, from Minera El Bermejal, S. de R.L. de C.V. ("Minera Bermejal"), a joint venture of Industrias Penoles S.A. de C.V. ("Penoles") and Newmont Mining Corporation ("Newmont"), is expected by March 31, 2005.
In order to finance the acquisition, Goldcorp will sell its inventory of gold bullion early in the second quarter of 2005. Furthermore, given Goldcorp's intent to continue to grow by way of accretive acquisitions, the Company intends to discontinue its previous practice of stockpiling one third of its production from the Red Lake Mine.
Ian Telfer, President and Chief Executive Officer of Goldcorp, said, "This transaction is a key step in consolidating control of the Guerrero Gold Belt, a significant part of our growth strategy in Mexico. This purchase increases Goldcorp's current measured and indicated mineral resources in this district to nearly 6 million ounces of gold. The immediate proximity to our Los Filos Gold Deposit will allow the use of a joint processing facility for ore from both deposits, which will provide considerable economies of scale. The acquisition of Bermejal will turn our Los Filos project into the largest gold mining operation in Mexico, with average annual production expected to exceed 300,000 ounces.
By financing this acquisition through the sale of our gold bullion inventory, we are converting 240,000 ounces of gold in the bank vault into 2.4 million ounces of gold in the ground. This is accretive by any measure."
The Bermejal Gold Deposit is located 2 kilometres south of Goldcorp's Los Filos Gold Deposit, where feasibility studies are nearing completion. Testwork completed by both Minera Bermejal and Goldcorp during due diligence indicates run of mine heap leaching is the preferred processing method.
With the acquisition, the main design effect on the Los Filos feasibility study will be a change in the proposed heap leach pad location to a more central location in order to provide enough capacity to process material from both open pittable deposits. Geotechnical and design studies have already commenced on the new pad location. With the majority of Bermejal ore run of mine heap leached, the already designed Los Filos crushing / agglomeration plant will not change in scope.
Goldcorp plans to immediately commence further metallurgical, geotechnical, and engineering studies towards developing both Bermejal and Los Filos into one comprehensive mining operation.
Fiquei preocupado qdo li o titulo, mas rápidamente percebi, ao ler a noticia, q a GG acredita bastante no bull do ouro.
Aquisições e aquisições.... Só n entende quem n quer ;)
Abraço Paciente
CABO_Y
É isso mesmo, CABO_Y.
E o melhor é que vão fazer essas aquisições em cash, evitando desta forma aumentos de capital (que muitas vezes acabam por diluír os resultados por acção) ou empréstimos (que, com a tendência de subida das taxas de juro, poderiam reduzir a rentabilidade desta aquisição). Tem também a vantagem de se obter um melhor preço por onça no solo.
De facto a Goldcorp tem uma filosofia muito própria sendo a gestão desta empresa 5 estrelas. Repara que em vez de vender o OURO ao desbarato (preços baixos) reteve o mesmo e agora em vez de ter que ir pedir emprestado à banca (com todos os riscos que isso acarreta) utiliza o OURO para adquirir empresas do sector.
Ao reter parte da sua produção, criou condições favoráveis (quer económicamente quer financeiramente) para crescer sem recorrer ao crédito. Para além disto, ganhou muito dinheiro porque em vez de ficar com USD no banco (que nos últimos anos desvalorizaram fortemente) reteve um bem que valorizou acentuadamente face ao USD, cobrindo desta forma o risco moeda e retendo valor.
Eles não vão vender o OURO para ficar com os dólares no banco (seria um grande erro) mas sim para aumentar as suas reservas de OURO. Só nestas condições se justifica esta venda.
Repara que, como diz o Ian Telfer, vão trocar 240.000 onças que têm em stock por 2.400.000 no solo (10 x mais). Parece de facto uma muito boa operação. Falta é saber qual o custo de produção estimado no "Bermejal Gold Deposit" para se poder avaliar melhor toda esta operação.