Each one in plain English, with the numbers worked through for a shareholder.
20 July 2016business combination● NeutralMajor
Goldcorp completed its purchase of Kaminak Gold, so it now owns 100% of Kaminak and its Coffee project in the Yukon. It issued 20,997,312 Goldcorp shares to former Kaminak holders, who now hold about 2.5% of the 853,398,240 Goldcorp shares outstanding (undiluted), so existing shareholders were diluted by that amount. This closes the deal announced May 12, 2016, ahead of the Aug 15 expected date, and the issued share count is stated here for the first time.
Goldcorp agreed to buy all of Kaminak Gold Corporation for about C$520 million, paying 0.10896 Goldcorp shares per Kaminak share (about 21.6 million new Goldcorp shares, C$2.62 per Kaminak share based on the May 11, 2016 close). Kaminak's key asset is the 100%-owned Coffee Gold project in the Yukon, with 3.0 million ounces indicated resources (including 2.2 million ounces probable reserves) and 2.2 million ounces inferred. It needs 66⅔% approval of Kaminak holders at a meeting by July 14, 2016, plus court and regulatory approvals; closing is expected by Aug 15, 2016, and holders of about 27.5% of Kaminak shares have agreed to vote in favour. Kaminak would owe Goldcorp a C$20.3 million termination fee in certain circumstances.
Goldcorp announced the Dividend Reinvestment Plan is now in effect, ahead of the June 2016 dividend as it had said it would be. Shareholders can opt to take dividends as new shares issued from treasury at a 3% discount to the average market price; registered holders wanting it for the June dividend must enrol by 5:00 p.m. EDT on June 9, 2016. Goldcorp may change or remove the discount or buy shares in the market instead, and the filing gives no estimate of take-up.
Goldcorp filed the full text of its Dividend Reinvestment Plan, which lets shareholders use cash dividends to buy more shares, with CST Trust Company as agent. Shares issued from treasury may, at Goldcorp's discretion, carry a discount of up to 3% to the average market price; participation is optional and non-participants keep receiving cash. This is the plan adopted Feb 2016; because treasury shares can be issued under it, it can add to the share count if used (inference).
Goldcorp filed technical reports (effective Dec 31, 2015) for four of its operations: Cerro Negro (Argentina), Éléonore (Quebec), Peñasquito (Mexico) and Red Lake (Ontario), along with consents from the experts who prepared them. The visible text consists of expert certificates and consents; the truncated excerpt shows no reserve, production or cost figures, so nothing about the mines' numbers can be stated from it.
Goldcorp declared its third monthly dividend of 2016, US$0.02 per share, for holders of record March 17, 2016, payable March 28, 2016. The rate is unchanged, and the filing repeats the Feb 25, 2016 move to quarterly payments from the June 2016 dividend and the planned dividend reinvestment plan (DRIP) before that payment.
Goldcorp cut its annual dividend to $0.08 per share effective April 1, 2016 and will switch from monthly to quarterly payments starting June 2016, at US$0.02 per quarter (record dates June 16, Sept 15, Dec 15; payable June 24, Sept 23, Dec 23). Compared with the US$0.02 monthly rate being paid, this is a further cut, since US$0.02 a month would be $0.24 a year. It also adopted a dividend reinvestment plan, expected before the June 2016 payment, letting shareholders take dividends as new shares issued from treasury at a 3% discount to market price; participation is optional. The filing gives no reason for the cut.
Goldcorp declared its second monthly dividend of 2016, US$0.02 per share, for holders of record February 11, 2016, payable February 19, 2016. The rate is unchanged.
Goldcorp declared its first monthly dividend of 2016, US$0.02 per share, for holders of record January 14, 2016, payable January 22, 2016. The rate is unchanged from the reduced level paid since August 2015.
Goldcorp declared its twelfth monthly dividend of 2015, US$0.02 per share, for holders of record December 17, 2015, payable December 29, 2015. This keeps the reduced rate in place since August, down from US$0.05 earlier in 2015.
Goldcorp completed the purchase of New Gold's 30% of the El Morro copper-gold project in Chile, so it now owns 100%. It paid New Gold $90 million cash plus a 4% gold stream on future El Morro gold (New Gold pays $400 per ounce delivered for the first 217,000 ounces, then $400 plus a 1% annual adjustment from the first anniversary). Goldcorp also completed the deal with Teck to combine El Morro and Teck's Relincho into a 50/50 joint venture, interim name 'Project Corridor'. Both deals were announced Aug 27, 2015 and expected in Q4 2015, so they closed as planned; El Morro's gold reserves are restated at 8.92 million ounces (100% basis, Dec 31, 2014).
Goldcorp declared its eleventh monthly dividend of 2015, US$0.02 per share, for holders of record November 19, 2015, payable November 27, 2015. This keeps the reduced rate set with the August payment, down from US$0.05 earlier in the year.
Goldcorp agreed to buy New Gold's 30% of the El Morro copper-gold project in Chile for $90 million cash at closing plus a 4% gold stream on future El Morro gold, with New Gold paying $400 per ounce delivered. That would give Goldcorp 100% of El Morro, which it then agreed with Teck to combine with Teck's Relincho project in a 50/50 joint venture. This resolves the open question of New Gold's 30% share in El Morro (the earlier context noted new studies under way and no funding total). Both deals are subject to customary closing conditions and are expected to close in Q4 2015; the filing states El Morro's proven and probable gold reserves at 8.92 million ounces (100% basis) at Dec 31, 2014.
Goldcorp declared its eighth monthly dividend of 2015 at US$0.02 per share, down from the US$0.05 paid in each of the first seven months, for holders of record August 20, 2015, payable August 28, 2015. This is a cut of the monthly payment; the filing gives no reason for it.
Goldcorp declared its seventh monthly dividend of 2015, US$0.05 per share, for holders of record July 16, 2015, payable July 24, 2015. The rate is unchanged from the earlier 2015 payments.
Goldcorp published its 2014 Sustainability Report, reporting zero workplace fatalities and about $62 million in community contributions, plus two agreements with First Nations communities. It is a non-financial report with no effect on assets, debt or dividends.
Goldcorp raised its unsecured floating-rate credit facility from $2 billion to $3 billion and extended its term to June 10, 2020, on existing terms. This builds on the US$2.0B facility set up in November 2011, which was due in November 2016. It bears interest at LIBOR plus 120 points when drawn, based on a BBB+ rating, and is for liquidity and general corporate purposes. The filing does not say how much is currently drawn.
Goldcorp declared its sixth monthly dividend of 2015, US$0.05 per share, for holders of record June 18, 2015, payable June 26, 2015. The rate is unchanged.
Goldcorp declared its fifth monthly dividend of 2015, US$0.05 per share, for holders of record May 14, 2015, payable May 22, 2015. The rate is unchanged.
Goldcorp declared its fourth monthly dividend of 2015, US$0.05 per share, for holders of record April 17, 2015, payable April 24, 2015. The rate is unchanged from earlier 2015 payments.
Goldcorp signed a binding letter of intent to sell its 40% interest in the South Arturo Mine Project in Nevada (a joint venture with Barrick, which owns 60% and operates it) to Premier Gold Mines. Goldcorp would get $20 million cash plus a further 5% interest in the Rahill-Bonanza Joint Venture in Red Lake, and would also make a C$12.5 million private placement in Premier. It depends on Barrick not using its right of first refusal and on final documents, with closing expected by end of May 2015. This continues the run of smaller asset sales after Marigold and Wharf.
Goldcorp declared commercial production at its Éléonore mine in Quebec's James Bay region, effective April 1, 2015, following first gold on October 1, 2014. It expects 290,000-330,000 ounces of gold from Éléonore in 2015, weighted to the second half, and full production between now and the first half of 2018. From April 1 the company will start booking revenue and mine operating costs from Éléonore in its earnings. This follows the earlier expectation that Éléonore would start producing in 2014.
Goldcorp completed its acquisition of Probe Mines, announced Jan 19, 2015, so the Borden gold project near Chapleau, Ontario (indicated 1.6M oz, inferred 0.4M oz) is now Goldcorp's, ahead of the late-March timing expected. Probe holders were issued 13,264,133 new Goldcorp shares (fewer than the roughly 17 million estimated earlier, since Goldcorp already held about 15.7M Probe shares) plus 31,368,363 shares in a new exploration company, Probe Metals, funded with C$15 million cash. Goldcorp holds 6,177,846 Probe Metals shares (19.7%). The CEO described Borden as a possible new source of ore for the Porcupine mine and said exploration will advance immediately.
Goldcorp declared its third monthly dividend of 2015, US$0.05 per share, for holders of record March 12, 2015, payable March 20, 2015. The rate is unchanged.
Goldcorp completed the sale of its 100% interest in the Wharf mine in South Dakota to Coeur Mining for $105 million in cash, subject to customary post-closing working capital adjustments. This closes the deal announced Jan 12-13, 2015, at the price originally stated. Goldcorp no longer holds Wharf; the CEO said the sale reflects a focus on core assets.
Goldcorp declared its second monthly dividend of 2015, US$0.05 per share, for holders of record Feb 12, 2015, payable Feb 20, 2015. The rate is unchanged from 2014 and from the January payment.
Goldcorp closed its purchase of 7,320,200 Probe shares and 2,347,951 warrants from Agnico Eagle for about C$43 million (C$5.00 per share, C$2.90 per warrant), as announced Jan 21. Goldcorp now holds 15,720,200 shares plus the warrants, beneficial ownership of 18,068,151 Probe shares, stated as 19.4% partially diluted (the Jan 21 notice said 19.9%). It intends to vote them for the Arrangement, whose terms are unchanged.
Goldcorp agreed to buy 7,320,200 Probe shares and 2,347,951 warrants from Agnico Eagle for about C$43 million (C$5.00 per share, C$2.90 per warrant), expected to close around January 28, 2015. That would lift Goldcorp's holding to about 19.9% of Probe on a partially-diluted basis, and it intends to vote them for the Arrangement announced January 19, which is unchanged.
Goldcorp agreed to buy all of Probe Mines through a friendly plan of arrangement valued at about C$526 million. Probe holders (other than Goldcorp, which already holds 8.4M shares, 9.3%) get 0.1755 Goldcorp share each (about 17 million new Goldcorp shares, so some dilution for existing holders), plus an interest in a new exploration company and C$15 million in cash for that company. Probe's main asset is the Borden gold project in Ontario, about 160 km west of Goldcorp's Porcupine mine. It needs 66 2/3% of Probe votes and is expected to close in late March 2015; Probe owes a C$18.4 million termination fee under certain circumstances.
13 Jan 2015asset acquisition disposition● NeutralMajor
A Goldcorp subsidiary agreed to sell its 100% interest in the Wharf mine in Lead, South Dakota to Coeur Mining for $105 million in cash, subject to closing adjustments. The deal needs US antitrust approval and is expected to close by the end of Q1 2015; the CEO described it as focusing on core assets, continuing the asset-sale pattern seen with Marigold in 2014.
