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Goldcorp Inc. to Buy Andean Resources Ltd. for $3.5 Billion

By Joel ScanlonSep 6 2010

Goldcorp Inc. has agreed to buy Andean Resources Ltd. for $3.5 billion. The second largest Canadian gold producer exceeded a rival offer made five hours earlier to gain control of an Argentinean mine. The shares in Andean Resources also rose to Canadian $6.98 on the Toronto stock exchange before a trading halt was announced.

The price rise started on Friday with the bid for Andean Resources being made by another Canadian gold mining company Eldorado Gold. The president and chief executive for Eldorado Gold, Paul Wright said that the company was still keeping its options open.

Eldorado Gold had first put its proposal to Andean Resources on August 18, 2010 but it was informally rejected on August 30, 2010. As per Mr Wright the analysts who were briefing the company believed that the proposal was highly compelling to Andean.

The mine which is causing all this interest in the company is the Cerro Negro project in Argentina. As per Goldcorp CEO Chuck Jeannes the Cerro Negro project is likely to generate significant gold production at a relatively low operating cost. As Andean is not yet a gold producer, it will need help from more experienced miners.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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APA
Scanlon, Joel. (2019, March 19). Goldcorp Inc. to Buy Andean Resources Ltd. for $3.5 Billion. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=294.
MLA
Scanlon, Joel. "Goldcorp Inc. to Buy Andean Resources Ltd. for $3.5 Billion". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=294>.
Chicago
Scanlon, Joel. "Goldcorp Inc. to Buy Andean Resources Ltd. for $3.5 Billion". AZoMining. https://www.azomining.com/News.aspx?newsID=294. (accessed November 22, 2024).
Harvard
Scanlon, Joel. 2019. Goldcorp Inc. to Buy Andean Resources Ltd. for $3.5 Billion. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=294.