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The New Developments of Goldcorp Inc. (USA) (NYSE:GG)

Boston, MA 04/23/2014 (wallstreetpr) – One of the leading Gold mining companies Goldcorp Inc. (USA) (NYSE:GG) has witnessed an array of changes and developments in the 1Q2014. The gold miner’s gold production forecast for the FY2014 has also been revised.

The Gold Production Outlook Revised

The gold mining company Goldcorp Inc. projects that the gold production will be in the range of 2.95 to 3.1 million ounces in the current financial year.

The Fourth Monthly Dividend

Goldcorp Inc. (USA) (NYSE:GG) has announced the fourth monthly dividend payment for the FY2014. The company has announced a dividend of $0.05 per share and plans to pay a dividend to the shareholders on April 25, 2014.

Goldcorp and Osisko Mining Corp

Goldcorp previously placed a bid to take over Oshkosh Corporation (NYSE:OSK) and also nominated eleven key personnel of Goldcorp, to manage the bid. Goldcorp has now withdrawn its bid and is now set not to raise the offer to acquire the outstanding shares from Osisko. Previously Goldcorp planned to buy its shares from Osisko which was roughly considered to be $3.3 billion.

The Sudden Change

Goldcorp Inc. (USA) (NYSE:GG) has decided to let the offer expire instead of raising its bid. The offer is to expire on April 22, 2014. What made Goldcorp revise the decision all of a sudden? Osisko Mining Corp. in its struggle to resist the takeover by Goldcorp has decided to sell a majority of its assets to Agnico Eagle Mines Ltd (USA) (NYSE:AEM) and Yamana Gold Inc. (USA) (NYSE:AUY). Goldcorp in order to favor this has decided not to raise its bid.

The hot deal for Marigold Mine

Marigold Mine which was owned by the subsidiaries of Goldcorp and Barrick Gold Corporation (USA) (NYSE:ABX) is to be purchased by Silver Standard Resources Inc, and the deal has been sealed. The deal which was closed for an amount of $275 million was entirely funded by Silver Standard Resources from its cash balance.

Primero Mining and Goldcorp

Goldcorp Inc. (USA) (NYSE:GG), which previously owned Primero Mining Corp (NYSE:PPP)’s shares now does not own any of primer’s shares and has completed the secondary offering of Primero. 31,151,200 shares were owned by Goldcorp.

Published by Duncan Oleinic

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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