Goldcorp, Teck Chile Mine Deal Lifts All Parties -
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Posted On: 08/28/2015 8:18:22 AM
Goldcorp, Teck Chile Mine Deal Lifts All Parties -- Market Talk
Thursday 08/27/2015 02:07 PM ET - Dow Jones News
14:07 EDT - Goldcorp's (GG, G.T) plan to buy New Gold's (NGD, NGD.T) minority stake in a Chilean mining project called El Morro so it can combine it with Teck's (TCK, TCK.B.T) nearby Relincho project is giving a big boost to all three miners. The deal will enable GG and TCK to invest far less than previously envisioned in a promising asset -- $3.5B versus more than $8B for the two standalone projects -- while giving NGD more balance sheet flexibility. GMP says the deal "makes a lot of sense to us -- capital efficiency, strengthening the future of the project with district consolidation and working around challenges," adding "This is the kind of approach that in our view the market should reward." Investors are doing just that. NGD was recently up 12% in Toronto at C$2.91. GG was up 2.4% at C$17.88 while beaten up TCK was up a whopping 20% to C$8.84. (carolyn.m.king@wsj.com; @CarolynKing1)
Goldcorp, Teck combine projects, create new $3.5 billion mine in Chile
Cecilia Jamasmie | August 27, 2015
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Goldcorp, Teck combine projects, create new $3.5 billion mine in Chile
Goldcorp, Teck combine projects, create new $3.5 billion mine in Chile
Goldcorp's El Morro gold and copper project will be part of the company's new venture, with fellow Canadian miner Teck Resources. (Image from archives)
Canadian mining giants Goldcorp (TSX:G), (NYSE:GG) and Teck Resources (TSX:TCK.A & TCK.
(NYSE:TCK) said on Thursday they have agreed to form a joint venture to combine and develop neighbouring projects in Chile.
Goldcorp, the world’s most valuable gold miner, will add its El Morro project and diversified miner Teck (TSX:TCK. will contribute its Relincho project to the new Project Corridor joint venture, which will be owned 50-50 by the two Vancouver-based firms.
The projects are located approximately 40 kilometres apart in Chile’s copper-rich Atacama region, the miners said in a joint statement.
The venture, which will slash development costs as metal prices have dropped to multiyear lows, is estimated to require an initial investment of US$3.5 billion.
The venture, which will slash development costs as metal prices have dropped to multiyear lows, is estimated to require an initial investment of US$3.5 billion. The miners said the combined operation would provide much of the additional funding needed to construct future phases.
The target is a considerable reduction from the standalone development costs of the El Morro and Relincho projects, which were $3.9 billion and $4.5 billion respectively.
The companies estimate that Corridor will have a 32-year lifespan and produce an average of 190,000 tonnes of copper and 315,000 ounces of gold a year, over the first decade.
Thursday 08/27/2015 02:07 PM ET - Dow Jones News
14:07 EDT - Goldcorp's (GG, G.T) plan to buy New Gold's (NGD, NGD.T) minority stake in a Chilean mining project called El Morro so it can combine it with Teck's (TCK, TCK.B.T) nearby Relincho project is giving a big boost to all three miners. The deal will enable GG and TCK to invest far less than previously envisioned in a promising asset -- $3.5B versus more than $8B for the two standalone projects -- while giving NGD more balance sheet flexibility. GMP says the deal "makes a lot of sense to us -- capital efficiency, strengthening the future of the project with district consolidation and working around challenges," adding "This is the kind of approach that in our view the market should reward." Investors are doing just that. NGD was recently up 12% in Toronto at C$2.91. GG was up 2.4% at C$17.88 while beaten up TCK was up a whopping 20% to C$8.84. (carolyn.m.king@wsj.com; @CarolynKing1)
Goldcorp, Teck combine projects, create new $3.5 billion mine in Chile
Cecilia Jamasmie | August 27, 2015
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Goldcorp, Teck combine projects, create new $3.5 billion mine in Chile
Goldcorp, Teck combine projects, create new $3.5 billion mine in Chile
Goldcorp's El Morro gold and copper project will be part of the company's new venture, with fellow Canadian miner Teck Resources. (Image from archives)
Canadian mining giants Goldcorp (TSX:G), (NYSE:GG) and Teck Resources (TSX:TCK.A & TCK.
(NYSE:TCK) said on Thursday they have agreed to form a joint venture to combine and develop neighbouring projects in Chile. Goldcorp, the world’s most valuable gold miner, will add its El Morro project and diversified miner Teck (TSX:TCK.
will contribute its Relincho project to the new Project Corridor joint venture, which will be owned 50-50 by the two Vancouver-based firms. The projects are located approximately 40 kilometres apart in Chile’s copper-rich Atacama region, the miners said in a joint statement.
The venture, which will slash development costs as metal prices have dropped to multiyear lows, is estimated to require an initial investment of US$3.5 billion.
The venture, which will slash development costs as metal prices have dropped to multiyear lows, is estimated to require an initial investment of US$3.5 billion. The miners said the combined operation would provide much of the additional funding needed to construct future phases.
The target is a considerable reduction from the standalone development costs of the El Morro and Relincho projects, which were $3.9 billion and $4.5 billion respectively.
The companies estimate that Corridor will have a 32-year lifespan and produce an average of 190,000 tonnes of copper and 315,000 ounces of gold a year, over the first decade.
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NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'