Goldcorp (NYSE:GG) said today it has agreed to acquire all outstanding shares of Andean Resources, for a total value of $3.6 billion Canadian.
Andean’s main asset is the Cerro Negro gold project in the Santa Cruz province of Argentina, with resources of 2.54 million ounces of gold and 23.56 million ounces of silver.
Goldcorp said the acquisition will generate significant gold production at low cash operating costs.
Each share of Andean will be exchanged for 0.14 shares of Goldcorp, or $6.50 Canadian.
The price is a 35% premium to Andean’s closing price as of September 2, on the Toronto Stock Exchange.
The transaction is expected to close late this year or earlier next.
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