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In an apparent reversal of strategy, Agnico-Eagle (AEM -1.3%) Mines is pulling capital out of...

In an apparent reversal of strategy, Agnico-Eagle (AEM -1.3%) Mines is pulling capital out of Ontario’s Red Lake gold camp. Rubicon Minerals (RBY -7.3%), a junior miner in Red Lake, says AEM has sold off a "significant portion" of its RBY shares, which would explain why 17M-plus RBY shares changed hands on Friday.
Comments (7)
  • RBY just hired away a top guy from GG as its new CEO. GG has a large gold mine next door. That tells me GG is going to buy RBY, and this AEM move pretty much confirms it.
    4 Jun 2012, 11:57 AM Reply Like
  • Retired Physician---87yrs. Sucked in at 74.
    4 Jun 2012, 01:08 PM Reply Like
  • I think you have to look a little deeper. Do you think Goldcorp will want to work with someone who left them, additionally do you think that Lalonde and the Rubicon board will want to work with Goldcorp? They have all the cash they require for production
    4 Jun 2012, 04:23 PM Reply Like
  • it is a curious move, and bad timing. possibly RBY wasn't prepared to work with AEM, after all, and a GG buyout will be the play...very weird...who bought those shares friday?
    4 Jun 2012, 06:52 PM Reply Like
  • But why does Rubicon need to be bought out at all? - it was all the money it needs for production - an experienced new mining chief executive so a GG buyout should be last thing on the agenda for Rubicon shareholders
    5 Jun 2012, 08:33 AM Reply Like
  • Sounds like an insider rip off in the cards. I own GG also, but ,
    but would not welcome the dilution of RBY value.
    5 Jun 2012, 09:21 AM Reply Like
  • probably butted heads, and AEM needed the cash.....figured a long drawn out fight wasn't worth it...
    5 Jun 2012, 11:16 PM Reply Like
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