Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2019business combination▲ GoodMajor
Newmont shareholders approved the share issuance for the Goldcorp deal with more than 98% of votes cast, and a related increase in Newmont's authorized common stock with 76%. This removes the Newmont-side vote as an open item; closing is still expected in Q2 2019, subject to customary conditions and regulatory approvals. The release does not say whether Goldcorp's own April 4 vote has passed or the deal has closed, so Goldcorp holders' shares are unchanged for now.
Glass Lewis became the second independent proxy advisory firm, after ISS, to recommend that Goldcorp and Newmont shareholders vote FOR the combination. The release repeats the claimed US$365 million of annual pre-tax synergies and says Newmont's own shareholder meeting is April 11, 2019, with Goldcorp's still April 4; closing is still expected in Q2 2019 subject to shareholder approval, customary conditions and regulatory approvals. It also mentions a March 25, 2019 material change report about Goldcorp supporting a Newmont special dividend; no dividend amount appears in the visible text.
Proxy advisory firm ISS recommended that Goldcorp shareholders vote FOR the Newmont plan of arrangement, citing the strategic sense of the deal, the process behind it and expected synergies. The shareholder meeting is still April 4, 2019 (proxies due 9:00am PT April 2), and Newmont could complete the deal as of April 18, 2019 after a positive vote. The deal is not yet approved or closed.
Mexico's competition regulator (COFECE) cleared Newmont's pending acquisition of Goldcorp. Goldcorp's shareholder meeting is April 4, 2019 (proxy deadline 9:00am PT April 2), its board unanimously recommends voting for the arrangement, and Goldcorp says Newmont could complete the deal as of April 18, 2019 after a positive vote. The deal is still not approved or closed, so shareholders' holdings are unchanged for now.
This is the supporting 6-K package for the Éléonore and Red Lake technical reports: a material change report, the reports themselves and consents from the qualified persons (the Red Lake report is effective Dec 31, 2018; the Éléonore report is dated Nov 30, 2018). The visible text is only consents and an exhibit index, with no reserve, production or financial figures.
Goldcorp announced it filed technical reports for its 100%-owned Éléonore and Red Lake mines. The release gives no reserve, production or cost figures, so the reports' findings are not known from this text.
Goldcorp declared its first quarterly dividend of 2019, $0.02 per share, for holders of record March 14, payable March 22, 2019. The rate is unchanged from the 2018 quarterly $0.02, and DRIP shares will again be issued from treasury at a 3% discount, so reinvesting shareholders add new shares (inference); take-up is not stated.
Korea's Fair Trade Commission stated that the Newmont-Goldcorp combination does not violate its competition law, clearing the deal in Korea. This follows the Canadian Competition Bureau's 'no action' letter earlier in February; other approvals needed to close are still being pursued, and closing is still expected in the second quarter after the April shareholder votes.
Goldcorp obtained an interim court order for its previously announced plan of arrangement under which Newmont would acquire all Goldcorp shares for 0.3280 of a Newmont share plus $0.02 cash per Goldcorp share, a deal valued at about $10 billion at announcement. The order lets Goldcorp hold its shareholder meeting on April 4, 2019; a final court order is still a closing condition, and closing is expected in the second quarter. This is a pending deal that would end the shareholders' Goldcorp holding if completed, but it has not yet been approved or closed.
Goldcorp declared its fourth quarterly dividend of 2018, $0.02 per share, for holders of record Dec 13, payable Dec 21, 2018. The rate is unchanged, and DRIP shares will again be issued from treasury at a 3% discount, so reinvesting shareholders add new shares (inference); take-up is not stated.
29 Oct 2018security holder rights change▲ GoodMajor
Goldcorp received TSX approval to buy back up to 43,476,502 of its shares (5% of 869,530,053 outstanding at Oct 26, 2018) over twelve months from Oct 31, 2018, to Oct 30, 2019. Purchased shares will be cancelled; the number and timing of purchases is at the company's discretion. This is a new capital-return step alongside the dividend.
Goldcorp reported reserves as of June 30, 2018: proven and probable gold of 52.8 million ounces, slightly down from 53.5 million a year earlier, as additions at operated mines (notably Musselwhite 2.3Moz and a first Silica Cap estimate at Cerro Negro, 5.0Moz) essentially replaced depletion. Measured and indicated resources fell from 37.1 to 35.2 million ounces and inferred from 20.0 to 17.5 million, mainly from conversion to reserves. The company says its 20/20/20 plan (20% reserve growth by 2021) remains on track, having added 2.8 million ounces since 2017. Cochenour reserves more than doubled to 0.33Moz. Cerro Negro's Eastern District initial development is expected in 2019. This updates the 53.5Moz figure and the earlier 60Moz-by-2021 target; the filing speaks of 20% growth and does not restate 60Moz.
Goldcorp declared its third quarterly dividend of 2018, $0.02 per share, for holders of record Sept 13, payable Sept 21, 2018. The rate is unchanged from the quarterly $0.02 in place since 2016, and DRIP shares will again be issued from treasury at a 3% discount, so reinvesting shareholders add new shares (inference); take-up is not stated.
Goldcorp filed an updated technical report on its Peñasquito mine in Mexico, effective June 30, 2018, with consents from the three company-employed authors. The visible text is only the cover pages, qualified-person certificates and table of contents; no reserve, resource, production or cost figures appear in the excerpt, so the report's findings are not known from this text. Each author states he is not independent of Goldcorp.
Goldcorp declared its second quarterly dividend of 2018, $0.02 per share, for holders of record June 14, payable June 22, 2018. The rate is unchanged, and DRIP shares will again be issued from treasury at a 3% discount, so reinvesting shareholders add new shares (inference); take-up is not stated.
Goldcorp signed an Impacts and Benefits Agreement with three Ontario First Nations (Brunswick House, Chapleau Cree and Chapleau Ojibwe) for the Borden Gold project near Chapleau, which it plans as Canada's first all-electric underground mine. The agreement covers employment, training, contracting and a framework for regulatory permitting. A bulk sample of up to 30,000 tonnes is about to start, with the first sample expected by end of summer, and commercial operation is anticipated in 2019. This moves Borden, the project acquired through Probe in 2015, from a project with no stated timeline toward development.
Goldcorp declared its first quarterly dividend of 2018, $0.02 per share, for holders of record March 15, payable March 23, 2018. The rate is unchanged from the quarterly $0.02 in place since 2016. The company again chose to issue DRIP shares from treasury at a 3% discount, which can add new shares for those who reinvest (inference); take-up is not stated.
8 Nov 2017asset acquisition disposition● NeutralMajor
Goldcorp completed the sale of its Camino Rojo oxide project in Mexico to Orla Mining, after Mexican anti-trust approval. It received 31,860,141 Orla shares, about 19.88% of Orla, which it holds for investment. This closes the deal agreed June 21, 2017. The release does not mention the 2% royalty, the sulphide option or the director nomination right, and gives no cash amount.
Goldcorp reported its reserve and resource estimates as of June 30, 2017: proven and probable gold reserves rose 26% to 53.5 million ounces from 42.3 million a year earlier. The rise comes from 4.7 million ounces newly converted at Porcupine's Century project and 8.4 million ounces added from the Cerro Casale acquisition, net of sales such as Los Filos and Camino Rojo. The company says it is on track for 60 million ounces by 2021, following the 20 percent reserve-growth target set in Feb 2017. Century's pre-feasibility study shows a 14-year mine life and initial capex of US$950M to US$1,050M, with an optimized study due in H2 2018. Camino Rojo is removed from the estimates, and the sale is now expected to close in Q4 2017. Borden's 0.95 million ounces of reserves are now included in Porcupine, and Cochenour is expected to start production in 2019.
Goldcorp completed the sale of its 21% minority interest in the San Nicolas copper-zinc project to Teck Resources for $50 million cash, after Mexican anti-trust approval and other customary closing conditions. This closes the sale agreed June 29, 2017, within the expected third-quarter timeframe's following weeks.
Goldcorp declared its third quarterly dividend of 2017, $0.02 per share, for holders of record Sept 14, 2017, payable Sept 22, 2017. The rate is unchanged from the quarterly $0.02 set in 2016. For this dividend the company chose to issue DRIP shares from treasury at a 3% discount, so shareholders who reinvest receive new shares and the share count can rise (inference); take-up is not stated.
Goldcorp signed a binding agreement to sell its 21% minority interest in the San Nicolas copper-zinc project in Zacatecas, Mexico to Teck Resources for US$50 million cash. The release calls this part of its strategy of monetizing non-core assets. Closing is expected in the third quarter of 2017, subject to customary conditions. Another sale in the ongoing series of asset disposals.
21 June 2017asset acquisition disposition● Neutral
Goldcorp agreed to sell its 100% interest in the Camino Rojo oxide project in Zacatecas, Mexico to Orla Mining. In return it gets 19.9% of Orla's shares, a 2% net smelter royalty on metals from the project (except metals produced under a joint venture with Orla), an option to acquire up to 70% of future sulphide projects, and the right to nominate an Orla director while it holds more than 10%. No cash price is stated; closing is expected in the second half of 2017, subject to customary conditions. This continues the run of asset sales after Los Filos and Cerro Blanco.
Goldcorp said it has closed the transactions forming the 50/50 joint venture with Barrick in Chile's Maricunga District, together with its offer for Exeter Resource. The two companies will jointly control more than 20,000 hectares including the Cerro Casale and Caspiche deposits. This completes the deal announced March 28, 2017. The release does not give the closing cash amounts, the number of Goldcorp shares issued for Exeter, or a development plan; it only restates reserves and resources (Cerro Casale proven and probable 23.2 Moz gold, 5.8 Blb copper; Caspiche measured and indicated 23.0 Moz gold, 5.9 Blb copper, both on a 100% basis).
Goldcorp completed the sale of its 100% interest in the Cerro Blanco gold-silver project in Guatemala to Bluestone Resources. It received about $18M cash, a 1% royalty, the right to 3,099,160 Bluestone shares (4.9%) and 258,805 warrants, with another $15M due within six months of commercial production at Cerro Blanco. Goldcorp also gave Bluestone a right of first refusal on certain Marlin mine assets and equipment and received a $2M non-refundable deposit against such purchases.
Goldcorp completed the sale of its Los Filos mine in Mexico (100%-owned) to Leagold Mining. It received $250M cash, 34,635,091 Leagold shares (25.3%, falling to 22.9% after Leagold's second financing tranche), and a $29M short-term note due within 120 days or on Mexican competition approval of that tranche; it also kept tax receivables of about $100M. The CEO said the sale lets Goldcorp focus on its core camps.
Goldcorp agreed to buy all of Exeter Resource Corporation, whose main asset is the 100%-owned Caspiche project in Chile, for about C$247M on a fully diluted basis. Each Exeter share gets 0.12 of a Goldcorp share (valued at C$2.58), meaning roughly 10.6M new Goldcorp shares, so existing shareholders would be diluted by that amount. It needs 66⅔% approval of Exeter holders at a meeting by May 31, 2017, plus court and regulatory approvals, with closing expected by June 30, 2017; Exeter would owe an $8.65M termination fee in certain cases. The deal is not conditional on the Cerro Casale transactions, and it feeds the Barrick joint venture announced the same day.
Goldcorp agreed to form a 50/50 joint venture with Barrick combining the Cerro Casale and Caspiche gold projects in Chile's Maricunga belt, modelled on its NuevaUnión venture with Teck. Goldcorp would buy Kinross' 25% of Cerro Casale and its Quebrada Seca project for $260M cash up front, a royalty and further contingent payments, buy another 25% from Barrick mainly by funding Cerro Casale spending ($260M deferred obligation), and buy Exeter (and its Caspiche project) for about $185M in shares. Goldcorp must spend at least $60M in the first two years after closing and $80M in each later two-year period until the deferred obligation is met; no closing date is given in the visible text.
Goldcorp gave an exploration update on its 2016/2017 program, with drill results at Cerro Negro (Silica Cap), the Coffee project (Supremiato structure), Red Lake, Cochenour and Musselwhite. It unveiled a growth strategy to raise reserves 20% to 50 million ounces over five years, and said the 2017 exploration budget is currently targeted at $100 million. Cochenour drilling was described as generally as expected or better against the existing model, with an updated model due in Q1 2017 to help plan a starter mine. This is the first exploration report on Coffee since the Kaminak acquisition closed.
Goldcorp agreed with New Gold to buy back New Gold's 4% gold stream on El Morro for $65 million cash. El Morro is now part of NuevaUnión, the 50/50 joint venture with Teck combining El Morro and Relincho (the 'Project Corridor' venture). This reverses part of the Nov 2015 deal in which Goldcorp granted that stream to New Gold; the filing gives no closing date or conditions beyond calling it a binding agreement.
