1 June 2009dividend declaration● Neutral
Goldcorp declared its sixth monthly dividend of 2009, US$0.015 per share, for holders of record on June 11, 2009, payable June 19, 2009. The rate is unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2009debt financing● NeutralMajor
Goldcorp announced plans for a private offering of about US$750 million of convertible senior notes due 2014, with a 30-day option for initial purchasers to buy up to US$112.5 million more. The notes would be convertible into Goldcorp shares at a premium to the market price, and Goldcorp says it will use the net proceeds to repay its revolving term credit facility, with the rest for general corporate purposes including capital expenditures. This is the first sign in these filings of a revolving credit facility being drawn, and conversion could add shares for existing holders.
4 May 2009dividend declaration● Neutral
Goldcorp declared its fifth monthly dividend of 2009, US$0.015 per share, for holders of record on May 14, 2009, payable May 22, 2009. The rate is unchanged.
6 Apr 2009dividend declaration● Neutral
Goldcorp declared its fourth monthly dividend of 2009, US$0.015 per share, for holders of record on April 16, 2009, payable April 24, 2009. The rate is unchanged, and the risk-factor references now point to the 2008 annual filings.
2 Mar 2009dividend declaration● Neutral
Goldcorp declared its third monthly dividend of 2009, US$0.015 per share, for holders of record on March 12, 2009, payable March 20, 2009. The rate is unchanged. The boilerplate now calls Goldcorp North America's 'lowest-cost and fastest growing' senior gold producer, which is the company's own claim.
2 Feb 2009dividend declaration● Neutral
Goldcorp declared its second monthly dividend of 2009, US$0.015 per share, for holders of record on February 12, 2009, payable February 20, 2009. The rate is unchanged from January and from 2008.
5 Jan 2009dividend declaration● Neutral
Goldcorp declared its first monthly dividend of 2009, US$0.015 per share, for holders of record on January 15, 2009, payable January 23, 2009. The monthly dividend carries into 2009 at the same rate.
1 Dec 2008dividend declaration● Neutral
Goldcorp declared its twelfth monthly dividend of 2008, US$0.015 per share, for holders of record on December 11, 2008, payable December 19, 2008. This completes a full year of payments at the same rate. The boilerplate now describes Goldcorp as located entirely in the Americas, with production and reserves 100% unhedged.
3 Nov 2008dividend declaration● Neutral
Goldcorp declared its eleventh monthly dividend of 2008, US$0.015 per share, for holders of record on November 14, 2008, payable November 24, 2008. The rate is unchanged.
6 Oct 2008dividend declaration● Neutral
Goldcorp declared its tenth monthly dividend of 2008, US$0.015 per share, for holders of record on October 16, 2008, payable October 24, 2008. The rate is unchanged, and the release says nothing about the Gold Eagle deal.
8 Sept 2008dividend declaration● Neutral
Goldcorp declared its ninth monthly dividend of 2008, US$0.015 per share, for holders of record on September 18, 2008, payable September 26, 2008. The rate is unchanged, and the release does not say whether the Gold Eagle deal, expected to close in September, has completed.
11 Aug 2008dividend declaration● Neutral
Goldcorp declared its eighth monthly dividend of 2008, US$0.015 per share, for holders of record on August 21, 2008, payable August 29, 2008. The rate is unchanged, and the release does not mention the Gold Eagle acquisition announced at the end of July.
31 July 2008business combination▲ GoodMajor
Goldcorp agreed on July 31, 2008 to buy Gold Eagle Mines Ltd. through a friendly plan of arrangement, in a deal worth about C$1.5 billion for 100% of Gold Eagle's fully diluted shares. Gold Eagle's main asset is the Bruce Channel gold discovery next to Goldcorp's Red Lake mine, so this extends the Red Lake holdings. Gold Eagle holders get C$6.80 cash plus 0.146 Goldcorp shares per share (assuming full pro-ration), with elections for all cash or all shares, subject to pro-ration; cash is capped at C$691 million and shares at 14.8 million, so existing Goldcorp holders face some dilution. Closing is expected in September 2008, subject to a 66 2/3% Gold Eagle shareholder vote; holders of about 10.5% of Gold Eagle have agreed to vote in favour, Goldcorp already owns 4.7%, and Gold Eagle owes a C$44 million termination fee in certain circumstances.
7 July 2008dividend declaration● Neutral
Goldcorp declared its seventh monthly dividend of 2008, US$0.015 per share, for holders of record on July 17, 2008, payable July 25, 2008. The rate is unchanged.
2 June 2008dividend declaration● Neutral
Goldcorp declared its sixth monthly dividend of 2008, US$0.015 per share, for holders of record on June 12, 2008, payable June 20, 2008. The rate is unchanged. Anna Tudela now signs as Vice-President, Regulatory Affairs and Corporate Secretary.
14 May 2008production update▲ GoodMajor
Goldcorp poured its first gold at the Peñasquito project in Zacatecas, Mexico, with nearly two million tonnes of ore stacked on the heap leach pads and recovery rates meeting or exceeding expectations. The company says construction is on schedule and on budget, and that once commercial production is reached the mine is expected to produce over 400,000 oz of gold and 30 million oz of silver a year over a 19-year life. This is one of the projects the February 2008 Silver Wheaton proceeds were meant to help fund.
5 May 2008dividend declaration● Neutral
Goldcorp declared its fifth monthly dividend of 2008, US$0.015 per share, for holders of record on May 16, 2008, payable May 27, 2008. The rate is unchanged.
7 Apr 2008dividend declaration● Neutral
Goldcorp declared its fourth monthly dividend of 2008, US$0.015 per share, for holders of record on April 17, 2008, payable April 25, 2008. The rate is unchanged from earlier payments.
3 Mar 2008dividend declaration● Neutral
Goldcorp declared its third monthly dividend of 2008, US$0.015 per share, for holders of record on March 13, 2008, payable March 25, 2008. The rate is unchanged, and the release again says gold production is 100% unhedged.
15 Feb 2008asset acquisition disposition▲ GoodMajor
Goldcorp completed the sale, through a wholly-owned subsidiary, of 108,000,000 Silver Wheaton Corp. shares at C$14.50 each, for gross proceeds of C$1,566,000,000. The CEO calls it the final element of an initiative to simplify the business, and the company says the proceeds will help fund about US$3.9 billion of capital spending over five years (Peñasquito, Éléonore, Cerro Blanco and sustaining capex) and an expected 50% rise in gold production. Pueblo Viejo (Barrick 60%, Goldcorp 40%) is not included in that figure and remains under feasibility review.
4 Feb 2008dividend declaration● Neutral
Goldcorp declared its second monthly dividend of 2008, US$0.015 per share, for holders of record on February 14, 2008, payable February 22, 2008. The release adds that Goldcorp has paid a monthly dividend since 2003.
7 Jan 2008dividend declaration● Neutral
Goldcorp declared its first monthly dividend of 2008, US$0.015 per share, for holders of record on January 17, 2008, payable January 25, 2008. The monthly dividend carries into 2008 at the same rate.
10 Dec 2007dividend declaration● Neutral
Goldcorp declared its twelfth monthly dividend of 2007, US$0.015 per share, for holders of record on December 21, 2007, payable December 28, 2007. This completes a year of monthly payments at the same rate. The release does not mention the Kinross transaction.
5 Nov 2007dividend declaration● Neutral
Goldcorp declared its eleventh monthly dividend of 2007, US$0.015 per share, for holders of record on November 16, 2007, payable November 23, 2007. The rate is unchanged, and the release says nothing about whether the Kinross transaction has closed.
9 Oct 2007dividend declaration● Neutral
Goldcorp declared its tenth monthly dividend of 2007, US$0.015 per share, for holders of record on October 19, 2007, payable October 26, 2007. The rate is unchanged. The release does not mention the pending Kinross asset swap announced in September.
26 Sept 2007business combination● NeutralMajor
Goldcorp signed a binding agreement with Kinross Gold to buy Kinross' 49% share of the Porcupine mines and 32% share of the Musselwhite mine in Ontario. In exchange Kinross gets Goldcorp's 50% stake in the La Coipa silver-gold mine in Chile plus US$200 million in cash. This gives Goldcorp full ownership of the two Ontario mines, in which it acquired operating interests (51% Porcupine, 68% Musselwhite) on May 12, 2006, and it gives up its La Coipa interest. Closing is expected within 60 days, subject to customary conditions; both boards have approved.
10 Sept 2007dividend declaration● Neutral
Goldcorp declared its ninth monthly dividend of 2007, US$0.015 per share, for holders of record on September 21, 2007, payable September 28, 2007. The amount is unchanged from the earlier 2007 payments, and the release again says its gold production is 100% unhedged.
7 Aug 2007dividend declaration▲ Good
Goldcorp declared its eighth monthly dividend of 2007, US$0.015 per share, for holders of record on August 17, 2007, payable August 24, 2007. The per-share amount is unchanged from 2005, so the monthly dividend continues at the same rate. The release describes the company as operating throughout the Americas and notes that its dividends are 'eligible dividends' for Canadian tax purposes.
11 Dec 2006resource reserve update● NeutralMajor
Goldcorp filed a technical report dated November 17, 2006 on its Red Lake Gold Mines property in northern Ontario, covering the Red Lake and Campbell complexes. The excerpt shown is mostly the table of contents; it points to reserve and resource statements (Red Lake as of December 31, 2005, Campbell to September 2006), but the actual figures are not in the text provided.
26 June 2006auditor change● Neutral
Filed in June 2006, this attaches a notice, dated March 24, 2005, that Goldcorp changed auditors from KPMG LLP to Deloitte & Touche LLP. KPMG resigned on March 17, 2005 at the company's request, and the notice reports no reservations in KPMG's reports and no reportable events; both firms' letters agree with the notice. Shareholders were to be asked to ratify Deloitte at the May 16, 2005 meeting. The filing is a late furnishing of 2005 documents.