Tuesday, 20th February 2007 (2423 views)

Goldcorp, a major Canadian miner, has announced the selling off of two of its mines as part of a rationalisation programme.

Operations at Goldcorp are being rethought following its amalgamation with Glamis Gold which has made is one of the world's largest mining firms.

The firm is keen to sell off its Peak gold mine in Australia and the Amapari mine in Brazil. Both are expected to go to GPJ Ventures which will then change its name to Peak Gold Limited.

Kevin McArthur, the chief executive officer at Goldcorp, said: "This transaction underscores our commitment to simplifying Goldcorp's asset portfolio."

He added that it would sharpen the firm's geographical focus while providing the money, an estimated $200 million (£102 million) in cash, to fund growth opportunities.

The Peak mine is forecast by Goldcorp to produce 120,000 ounces of gold this year while Amapari is expected to yield 95,000 ounces.

Goldcorp has one of the strongest growth profiles in terms of production of all the major gold companies in the world and it focuses on exploration in the Americas and Australia.

 

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