Why not Orvana?Goldcorp scouting for gold-mine buys in Americas
Tue Aug 16, 2005 12:23 PM ET
(In U.S. dollars)
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 sooner than later, 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