Euan's Feed
Jan 28, 2014

Detour Gold could hedge if bullion price falls further -CEO

TORONTO, Jan 28 (Reuters) – Detour Gold Corp would
consider using a hedging strategy if the price of gold drops
from current levels, the Canadian gold miner’s interim Chief
Executive Paul Martin said on Tuesday.

The board of directors has given approval for management to
hedge up to 50 percent of the output from its Detour Lake gold
mine in northern Ontario, if circumstances require such action,
said Martin, speaking from the sidelines of the TD Securities
Mining Conference in Toronto.

Jan 22, 2014

BlackBerry shares rally as investors eye property sale windfall

TORONTO (Reuters) – Shares of BlackBerry Ltd (BBRY.O: Quote, Profile, Research, Stock Buzz) (BB.TO: Quote, Profile, Research, Stock Buzz), which have been on a tear so far this year, rallied again on Wednesday as investors eyed a cash windfall from the technology company’s plans to sell its Canadian real estate assets.

The Waterloo, Ontario-based company said on Tuesday it plans to divest most of the property it owns in Canada to bolster its balance sheet. Analysts believe the move will give the struggling smartphone maker more breathing room, as it attempts to alter strategic direction and turn its faded fortunes around.

Jan 22, 2014

Timmins Gold joins new mining rush to equity markets

TORONTO, Jan 22 (Reuters) – Timmins Gold Corp,
which owns the San Francisco gold mine in Mexico, said on
Wednesday it will sell C$25 million ($22.7 million) in equity to
a syndicate of banks, the latest in a slew of recent share
offerings from Canadian miners.

The Timmins deal, designed to strengthen its balance sheet,
builds on a wave of offerings that may signal a thaw in the
financing environment for miners, which have long been out of
favor with investors.

Jan 21, 2014

BlackBerry to divest majority of its Canadian real estate

TORONTO (Reuters) – BlackBerry Ltd said on Tuesday it intends to divest the majority of its real estate holdings in Canada, as it seeks to bolster its balance sheet and turn around its fortunes.

In partnership with commercial real estate services company CBRE, BlackBerry said it intends to strategically divest the majority of its real estate assets via a combination of sale-leaseback and vacant asset sales.

Jan 20, 2014

Osisko rejects Goldcorp’s unsolicited takeover bid

TORONTO (Reuters) – Osisko Mining Corp (OSK.TO: Quote, Profile, Research, Stock Buzz) rejected on Monday an unsolicited C$2.6 billion ($2.37 billion) takeover bid from rival Goldcorp Inc (G.TO: Quote, Profile, Research, Stock Buzz), saying the offer was financially inadequate and not in the best interests of its shareholders.

The rejection, which sets the stage for a possibly bruising takeover battle between the two Canadian gold miners, came as no surprise. In its preliminary response to the bid last week, Osisko said the 15 percent premium being offered by Goldcorp was “very low”.

Jan 15, 2014

Desjardins to acquire State Farm’s assets in Canada

TORONTO, Jan 15 (Reuters) – Canada’s Desjardins Group said
on Wednesday that it would buy State Farm Canada’s businesses in
property and casualty and life insurance, as well as its
Canadian mutual fund, loan and living benefits companies.

The exact terms of the transaction were not disclosed, but
the businesses were being valued at around C$1.6 billion
(US$1.46 billion) given the size of the cash infusions being
made by the parties involved.

Jan 15, 2014

Canada’s Osisko says Goldcorp takeover bid ‘very low’

TORONTO, Jan 15 (Reuters) – Osisko Mining Corp said
on Wednesday it was reviewing Goldcorp Inc’s
unsolicited C$2.6 billion ($2.4 billion) takeover proposal, but
considered the 15 percent premium it offered as “very low”.

The Montreal, Quebec-based gold miner said the bid was
opportunistic and it would advise shareholders after its board,
financial and legal advisers evaluated the offer.

Jan 14, 2014

Osisko bid comes after many spurned proposals -Goldcorp

TORONTO, Jan 14 (Reuters) – Goldcorp Inc
commenced its formal bid for Osisko Mining Corp on
Tuesday, saying that it chose to proceed with the unsolicited
offer after a long series of frustrated attempts to engage
Osisko in discussions about a possible deal.

In a takeover bid circular, filed with securities regulators
on Tuesday, Goldcorp gave details of a series of attempts, since
2008, to reach a friendly deal with Osisko.

Jan 13, 2014

Canada’s Dundee to expand wealth management business

TORONTO, Jan 13 (Reuters) – Dundee Goodman Private Wealth, a
unit of Dundee Securities Ltd, said on Monday a group of about
60 investment advisers and their staff are transferring to
Dundee from Richardson GMP.

The move will greatly expand Dundee’s wealth management
unit, giving the firm more than 100 investment advisers across
Canada, who manage portfolios worth over C$6 billion ($5.5
billion).

Jan 13, 2014

Goldcorp offers C$2.6 billion to acquire Osisko Mining

TORONTO (Reuters) – Goldcorp Inc (G.TO: Quote, Profile, Research, Stock Buzz) launched an unsolicited cash-and-stock bid to acquire smaller rival Osisko Mining Corp (OSK.TO: Quote, Profile, Research, Stock Buzz) for C$2.6 billion ($2.4 billion) on Monday, in a move to gain control of Osisko’s Malartic gold mine in Quebec.

The takeover bid is the Canadian gold sector’s first major attempt at a merger and acquisition deal in nearly a year. Miners stung by a 25 percent drop in the price of gold over the last 12 months have focused on cutting costs and slowing down work on growth projects.

    • About Euan

      "Euan Rocha covers mining and minerals in Canada, where he focuses on gold, base metals and fertilizer companies. Euan, who is currently based in Toronto, has previously worked with Reuters in the United States and India. While based in New York for four years, Euan headed the Reuters Alerts team, before moving on to cover the U.S. chemical industry. Euan began his career with Reuters in Bangalore, India in 2004."
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