Goldcorp To Acquire 70% Of El Morro Project

Law360, New York (January 7, 2010, 6:07 PM EST) -- Goldcorp Inc. will spend $513 million to acquire Xstrata Copper Chile SA's 70 percent partnership of Chile's El Morro copper-gold project, blocking an October bid from Barrick Gold Corp.

Goldcorp will advance $463 million to New Gold Inc., which as Xstrata's current 30 percent joint venture partner in El Morro holds a right to first refusal that came into effect when Barrick announced its $465 million agreement with Xstrata, Goldcorp and New Gold said in statements Thursday.

After a New Gold subsidiary acquires the 70 percent...
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