The world's largest gold miner, Toronto-based Barrick Gold, has filed a lawsuit in Ontario to try to halt Goldcorp's acquisition from New Gold of most of the El Morro copper and gold project in Chile, even though the transaction has now closed.
In October Barrick agreed to buy a 70 percent stake in El Morro from its owner, Anglo-Swiss miner Xstrata, for $465 million; however New Gold – a minority stakeholder in El Morro - claimed that it had first refusal on the stake and then proceeded to sell it on to Goldcorp.
Goldcorp said on Tuesday that it had completed the transaction.
"Fundamentally, we remain of the view that Xstrata were obliged to close with us," said a spokesman for Barrick. "Whether they closed or not, the courts will sort out." No date has been set for the hearing.
El Morro holds reserves of 5.7 billion pounds of copper and 6.7 million ounces of gold.
No comments:
Post a Comment