Goldcorp Discusses Consolidation Among the Gold Miners (GG 3Q05 Conf Call Quotes; ABX)

Goldcorp (ticker: GG) CEO Ian Telfer discussed Goldcorp's planned acquisition of gold mines and reserves from Barrick Gold and Placer Dome on his Q3 conference call November 9th. Excerpts:

I’d now like to talk a little bit about the proposed acquisition. …Barrick… will make an offer to acquire Placer for approximately $9.2 billion in shares and cash and then, upon completion, Goldcorp will acquire certain assets for about 1.35 billion…

Strategically, this acquisition is exactly where we wanted it to be. We will maintain our dividend. We will focus on gold. We’ve said we wanted to grow to 2 million ounces a year, which this accomplishes. We said we wanted to use cash rather than shares, which this accomplishes. We said we wanted to focus in North and South America, which, of course, these assets are located. And we wanted to increase our reserves and resources per share…

As a result, we would be the number 3 gold producer in North America. .. The operations to be acquired is 100 percent of the Campbell Mine, 68% of Musselwhite, 51% of Porcupine, 50% of La Coipa, 40% of the Pueblo Viejo project in the Dominican Republic, with Barrick having the rest, and Barrick would be the operator.

(Quotes are from the CCBN StreetEvents transcript.)

Related:

• A list of full conference call transcripts available on the Seeking Alpha Network.

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