GOLDCORP INC. announced that the Company and their joint venture partner Barrick Gold Corporation ("Barrick") have entered into a Purchase and Sale Agreement to sell their respective interests in the Marigold mine in Humboldt County, Nevada to Silver Standard Resources Inc. Under the terms of the agreement, Goldcorp and Barrick will receive total consideration of $275 million in cash, subject to certain closing adjustments.
The transaction is the result of a joint sale process wherby Goldcorp and Barrick invited multiple parties to conduct due diligence and put forth offers to purchase Marigold.
"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," said Chuck Jeannes, President and Chief Executive Officer of Goldcorp. "Marigold has been an important contributor to the growth of Goldcorp and we are pleased that a company with the capabilities of Silver Standard will be taking on this operation. We will work closely with them to ensure a smooth transition."
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