Friday, July 16, 2010

Goldcorp (NYSE:GG) Agrees to Terrane Metals (CDNX:TRX.V) Deal

Goldcorp (NYSE:GG) (TSE:G) said Thursday that it wouldn't oppose the acquisition of all outstanding common and preferred shares of Terrane Metals Corp. (NYSE:TC) by Thompson Creek Metals (NYSE:TC).

The stake held by Goldcorp in Terrane outstanding shares is 58 percent; owning 240 million preferred shares and 27.3 million common shares in the company.

Once the deal is completed, Goldcorp will own 13.9 million common shares of Thompson Creek Metals, an 8 percent stake, and receive C$240.5 million in cash as well.

Goldcorp is one of the largest and low-cost gold miners in the world, only recently surpassed in costs by Newmont Mining (NYSE:NEM).

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