Feb 4 Silver Standard Resources said it
will buy the Marigold mine in Nevada for $275 million in cash
from joint owners Goldcorp Inc and Barrick Gold
in a deal that would provide the Canadian miner more exposure to
Large gold miners like Barrick and Goldcorp are looking to
shut down or sell some of their higher-cost assets and optimize
their mine portfolios. The Marigold mine produced 108,000 ounces
of gold for Goldcorp in 2013.
"This transaction is consistent with Goldcorp's ongoing
strategy of disciplined portfolio management with an emphasis on
creating value for shareholders through the focus on core
assets," Goldcorp Chief Executive Chuck Jeannes said in a
Barrick also said that the sale of its minority interest in
Marigold mine was part of the company's ongoing portfolio
"The acquisition of Marigold accomplishes our strategic goal
of adding an operating mine in a well-established, low-risk
mining jurisdiction," Silver Standard Chief Executive John Smith
said in a statement.
CIBC was the financial adviser to Silver Standard and Lawson
Lundell LLP and Holland & Hart LLP provided legal counsel.