Guatemala: Goldcorp Sells Cerro Blanco Mine

The Canadian mining company GoldCorp has agreed to sell 100% of its stake in the gold and silver mining project Cerro Blanco located in Asuncion Mita, Jutiapa, to Bluestone Resources.

Friday, January 13, 2017

From a press release by Goldcorp:

VANCOUVER, Jan. 11, 2017 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) today announced that the Company has entered into an agreement (the "Agreement") pursuant to which it has agreed to sell its 100% interest in the Cerro Blanco gold-silver project, located in Guatemala, to Bluestone Resources Inc. (TSXV: BSR) ("Bluestone").

Goldcorp will receive consideration at closing of $18 million in cash, a 1% Net Smelter Return royalty on production, and common shares of Bluestone representing approximately 9.9% of the issued and outstanding shares upon completion of the Transaction. Goldcorp will receive an additional $15 million in cash upon declaration of "Commercial Production" at Cerro Blanco.

In addition, Goldcorp has granted Bluestone a right of first refusal with respect to certain assets and equipment at the Marlin mine, also located in Guatemala. The Marlin mine will continue reclamation and revegetation activities over the next three years, followed by ongoing monitoring and maintenance activities as planned. The last ore production is set to be processed in early 2017.

The Cerro Blanco transaction is subject to financing and other customary closing conditions and is expected to close in the first quarter of 2017. National Bank Financial acted as financial advisor to Goldcorp.

About Goldcorp 
Goldcorp is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines.

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Guatemala: Preparations for Closure of Marlin Gold Mine

February 2017

Goldcorp has announced that the process of closing the gold mine has already started and will be completed within four to five months.

The company that owns the mine in San Marcos started the vegetation recovery process in 2012, when it finished open air exploitations, and is now completing the process of recovery in the underground area, which it expects to finish this year.

Guatemala: Marlin Gold Mine May Be Sold

August 2016

The sale of the mine is part of a marketing plan for some of the assets owned by the Canadian concessionaire Goldcorp.

In addition to the operations of the Marlin mine, Goldcorp has put on sale its gold and silver mine Los Filos in Mexico, and also is studying alternatives to offload the Alumbrera mine in Argentina.

Goldcorp Retains Investment in Guatemala

July 2010

Company directors say that they will continue to expand with new "Cerro Blanco" project.

Almost two months since the Inter-American Commission on Human Rights (IAHCR) recommended to the Guatemalan government that Goldcorp's operations at the Marlin mine be suspended, the administration has ordered a review to determine whether or not a suspension is appropriate. Meanwhile, Goldcorp continues its operations in the country.

Honduras: Razor Resources Concludes Acquisition of Clavo Rico Gold Mine

March 2010

The purchase includes other concessions close to the Clavo Rico mine, which is renowned for its high productivity.

Razor Resources Inc, a recently formed U.S company, announced it has acquired 99% of “Compañía Minera Cerros del Sur S.A.”, an Honduran company that owns 200 hectares of gold mining concessions in Honduras, in an all stock transaction.