Goldcorp (TSE:G) (NYSE:GG) announced it'll be selling their Escobal silver project in Guatemala for $505 million in part of their ongoing effort to shed non-core assets.
Included with the cash, Goldcorp will also receive a 40 percent stake in Tahoe Resources Inc. The cash portion in Tahoe is valued at $230 million.
Goldcorp CEO Chuck Jeannes said the move is to continue the efforts of the company to simplify and strengthen their gold portfolio.
Jeannes added the sale of non-core assets helps them to fund their projects without diluting the company shares.
Tuesday, May 4, 2010
Goldcorp (TSE:G) Sheds Guatemala Silver Mine for $505 Million
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