Blogs & Comment

Goldcorp picks up more Osisko…

Goldcorp, Inc. (TSX: G) yesterday announced that it acquired 8.5 million shares of Osisko Mining Corp. (TSX: OSK). This represents 12.9% of Osiskos outstanding common shares. It also acquired 4.3 million purchase warrants of the junior miner, bringing its total Osisko stake to 4.8%. Goldcorp noted that its not currently planning to increase its stake in Osisko. But thats not to say that Osisko wouldnt be a pretty good takeover target. Osisko is something of gem among juniors. Its expected to produce 591,000 ounces of gold annually, over ten-years, with an average operating cost of US$319/oz. Its flagship property is the wholly-owned Canadian Malartic property in Quebecs Abitibi mining district. For Q2/09, Goldcorp announced adjusted net earnings of $99.2 million, or $0.14 per share, compared to $83.2 million or $0.12 per share, in the second quarter of 2008. Gold production increased 5% over the 2008 second quarter to 582,400 ounces. At the time of this writing, Osisko was trading up 6.53% at $7.50/share, while Goldcorp was trading down 0.89% at $38.92.