03:41:49 EDT Mon 23 Apr 2018
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or Name

Exeter Resource Corp
Symbol C : XRC
Shares Issued 88,660,253
Close 2017-03-28 C$ 2.41
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Globe likes look of Barrick-Goldcorp-Kinross agreement

2017-03-29 07:41 ET - In the News

See In the News (C-ABX) Barrick Gold Corp

The Globe and Mail reports in its Wednesday edition that the three-cornered deal announced on Tuesday by Barrick, Goldcorp and Kinross is better than the market thinks it is. The Globe's Ian McGugan writes that the agreement, which centres on the Cerro Casale gold and copper project in northern Chile, gives each of the companies something it values highly: cash for Kinross, new reserve potential for Goldcorp and a low-cost way to move forward a shelved project for Barrick. Until Tuesday, Kinross had owned 25 per cent of Cerro Casale while Barrick controlled the remainder. Goldcorp is buying out Kinross's stake for $260-million in cash. Goldcorp is also acquiring a further 25 per cent of Cerro Casale previously held by Barrick in exchange for agreeing to spend $260-million on the project. As part of its deal with Kinross, Goldcorp gets the Quebrada Seca exploration project. Separately, Goldcorp will pay $185-million in shares for Exeter Resource, which owns the Caspiche project. Both Quebrada Seca and Caspiche will then be contributed to a joint venture between Barrick and Goldcorp. The result is a 50:50 partnership between the two largest miners to develop Cerro Casale, Caspiche and Quebrada Seca.

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