TSX: G NYSE: GG
(All amounts in $US unless stated otherwise)
VANCOUVER, Nov. 24, 2015 /CNW/ - GOLDCORP INC.
("Goldcorp") (TSX: G, NYSE: GG) and Teck Resources Limited
("Teck") (TSX: TCK.A & TCK.B, NYSE: TCK) today announced the
completion of the previously announced agreement to combine their
respective El Morro and Relincho projects into a 50/50 joint
venture with the interim name of Project Corridor.
The two projects are located approximately 40 kilometres apart
in the Huasco Province in the Atacama region of Chile.
Combining these two assets is expected to provide a number of key
benefits including: reduced environmental footprint, lower
cost, improved capital efficiency, optimized mine plan, enhanced
community benefits and community engagement.
In combination with community consultation, a Pre-Feasibility
Study is expected to commence in the third quarter of 2016 and be
completed by the end of 2017.
Goldcorp also announced earlier today that it has completed the
transaction to acquire New Gold's 30% interest in the El Morro
project for $90 million in cash,
along with a 4% gold stream payable on future gold production from
the El Morro property.
CIBC World Markets acted as financial advisor to Teck and
Goldcorp.
For more information about Project Corridor, go to
www.proyectocorredor.cl.
About Goldcorp
Goldcorp is a leading gold producer focused on responsible
mining practices with safe, low-cost production throughout the
Americas. A portfolio of long-lived, high-quality assets positions
Goldcorp to deliver long-term value. Headquartered in
Vancouver, Canada, its shares are
listed on the Toronto Stock Exchange under the symbol G and the New
York Stock Exchange under the symbol GG.
About Teck
Teck is a diversified resource company committed to responsible
mining and mineral development with major business units focused on
copper, steelmaking coal, zinc and energy. Headquartered in
Vancouver, Canada, its shares are
listed on the Toronto Stock Exchange under the symbols TCK.A and
TCK.B and the New York Stock Exchange under the symbol TCK.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements", within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 Section 21E of the United States Securities
Exchange Act of 1934, as amended, Section 27A of the United States
Securities Act of 1933, as amended and "forward-looking
information" within the meaning of applicable Canadian securities
legislation, concerning the business, operations and financial
performance and condition of Goldcorp and Teck.
Forward-looking statements, which are all statements other than
historical fact, include, but are not limited to, statements with
respect to the anticipated benefits of the Project Corridor
transaction the ("Transaction"), the future price of gold,
silver, copper, molybdenum, lead, zinc and other metals, the
estimation of mineral reserves and resources, the realization of
mineral reserve estimates, the timing and amount of estimated
future production, costs of future production, capital
expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, hedging
practices, currency exchange rate fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, timing and
possible outcome of pending litigation, title disputes or claims
and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases or statements that certain actions, events or results
"will", "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation
thereof.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performances or achievements of Goldcorp
or Teck, including in respect of the development and operation of
Project Corridor, to be materially different from future results,
performances or achievements expressed or implied by such
statements. Such statements and information are based on
numerous assumptions regarding present and future business
strategies and the environment in which Goldcorp and Teck will
operate in the future, including the price of commodities,
anticipated costs and ability to achieve goals. Certain important
factors that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
statements include, among others, commodity price volatility,
discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), activities by governmental authorities (including
changes in taxation), currency fluctuations, the speculative nature
of mineral exploration, the global economic climate, dilution,
share price volatility, competition, loss of key employees,
additional funding requirements and defective title to mineral
claims or property. Although Goldcorp and Teck have attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of
Goldcorp or Teck to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to: risks related to the uncertainty associated with
preliminary economic assessments, which do not purport to establish
the legal or commercial viability of mineral deposits; risks
related to the integration of acquisitions; risks related to
international operations, including economic and political
instability in foreign jurisdictions in which Goldcorp and Teck
operate; risks related to current global financial conditions;
risks related to joint venture operations; actual results of
current exploration activities; environmental risks; future prices
of gold, silver, copper, molybdenum, lead, zinc and other metals;
possible variations in ore reserves, grade or recovery rates; mine
development and operating risks; accidents, labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities; risks related to
indebtedness and the service of such indebtedness, as well as those
factors discussed in the section entitled "Description of the
Business – Risk Factors" in Goldcorp's annual information form for
the year ended December 31, 2014
available at www.sedar.com and in the section entitled
"Description of the Business – Risk Factors" in Teck's annual
information form for the year ended December
31, 2014 available at www.sedar.com. Although Goldcorp
and Teck have attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Forward-looking statements are
made as of the date hereof and accordingly are subject to change
after such date. Except as otherwise indicated by Goldcorp and
Teck, these statements do not reflect the potential impact of any
non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations
or other transactions that may be announced or that may occur after
the date hereof. Forward-looking statements are provided for
the purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of our operating environment. Goldcorp and
Teck do not undertake to update any forward-looking statements that
are included or incorporated by reference in this document, except
in accordance with applicable securities laws.
SOURCE Goldcorp Inc.