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 gold.
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 statement.
Barrick also said that the sale of its minority interest in Marigold mine was part of the company's ongoing portfolio pruning process.
"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.