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by Mike Caswell

Goldcorp Inc. is facing a lawsuit in the Supreme Court of British Columbia over an aborted transaction on its Cerro Blanco project in Guatemala. A privately held company claims that it had an agreement to acquire the project, but Goldcorp backed out of the deal. The lawsuit seeks appropriate compensation, based on a project value of between $194.9-million (U.S.) and $534-million (U.S.).

The allegations are contained in a notice of claim filed at the Vancouver courthouse on June 24, 2016, by Kaban Resources Inc. The suit identifies Kaban as a private company with an office in North Vancouver. The defendants are Goldcorp as well as two Latin American subsidiaries.

The suit targets Cerro Blanco, a relatively small project in Goldcorp's stable. The company placed the project on care and maintenance in 2013, citing low metal prices. In 2011, Goldcorp's chief executive officer of the time, Charles Jeannes, hinted that Goldcorp was planning to sell Cerro Blanco, saying that it was not large enough for the company.

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