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UPDATE 1-Goldcorp scouting for gold-mine buys in Americas
Tue Aug 16, 2005 02:41 PM ET
(Adds details, background. In U.S. dollars)
By Nicole Mordant
VANCOUVER, British Columbia, Aug 16 (Reuters) - Goldcorp Inc. (G.TO: Quote, Profile, Research) is actively scouting for acquisitions in North and South America and would like to make a purchase soon, the company, North America's fifth-largest gold producer, said on Tuesday.
"There are opportunities out there and we are confident that we will be successful to complete one of these," Goldcorp chief executive Ian Telfer said.
"We are very bullish on the gold price and so, in that kind of that environment, sooner is better than later. We are working diligently in that direction," Telfer said on a conference call to discuss the mid-sized miner's second-quarter results, which were released late on Monday.
Goldcorp, which earlier this year swallowed fellow Canadian gold miner Wheaton River Minerals Corp., has about $1 billion in cash and credit lines that it can use to make a purchase.
Telfer, who took over Goldcorp's reins in February, is well-known in the industry for the blitz of acquisitions he made while he was Wheaton River's CEO.
"We'd like something that will give us more than 250,000 ounces (of gold) a year to the Goldcorp account, and we'd like to acquire this for the cash that we have on hand," he said.
Goldcorp is the best performing gold stock in North America this year among large and mid-sized miners, having gained about 20 percent in value since Jan. 1 at a time when gold stocks on average, and the bullion price, have been flat.
Its stock was 4 Canadian cents firmer at C$21.55 on Tuesday afternoon on the Toronto Stock Exchange after it reported a tenfold surge in second-quarter earnings to $98 million, boosted by the one-off sale of a stash of 275,700 ounces of gold production that it had hoarded over several quarters.
UBS analyst Tony Lesiak cut his rating on the stock to "neutral 2" from "buy 2" because of share price appreciation, which he said had left the stock "close to fair value".
Goldcorp chief financial officer Peter Barnes said the company had had "several" reasonable offers for its Saskatchewan Minerals sodium sulfate business, which it wants to sell. It was working through these offers but was in no hurry as the operation was still bringing in cash.
Telfer said he was "getting along famously" with Rob McEwen, Goldcorp's former CEO, who stepped down after the Wheaton deal to become nonexecutive chairman. Over 18 years he built the company from a small investment firm into a gold producer with a market value of $5.5 billion.
There have been some question marks about their relationship, especially after Telfer wasted no time in dropping McEwen's trademark strategy of stockpiling a third of Goldcorp's mined output each quarter.
"We are both settling into our new roles. We are both enjoying the new roles and we are both looking forward to the future," Telfer said.
($1=$1.20 Canadian)
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