Goldcorp sells off stake in Tahoe Resources to raise cash
Goldcorp Inc, is selling its one-quarter interest in Tahoe Resources Inc. for just under $1 billion.
That's a seven per cent discount to Tahoe's stock price of $18.49 at the close of trading in Toronto on Monday, prior to Goldcorp's announcement.
Vancouver-based Goldcorp said the sale is part of its strategy of divesting non-core assets and improving its cash position. It operates four mines in Canada, three in Mexico, and four in Central and South America.
Based in Reno, Nev., Tahoe's main properties are the Escobal silver mine in Guatemala, which it acquired in 2010 from Goldcorp in return for shares and cash, and the Arena gold mine in northern Peru.