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Wednesday, 23rd March 2005 (4263 views)

Goldcorp and Wheaton River Minerals have acquired the Bermejal gold deposit in Mexico.<br/><br/>The two companies which are currently in the process of merging have paid $70 million for the Mexican deposit, according to Canadian Press.<br/><br/>Goldcorp will sell its inventory of gold bullion in the second quarter of this year to finance the purchase and it will also stop stockpiling one third of production from the Red Lake Mine in Ontario.<br/><br/>It is hoped the deal will close by March 31st, with joint venture firm Minera Bermejal the present owner of the deposit.<br/><br/>"The acquisition of Bermejal will turn our Los Filos project into the largest gold mining operation in Mexico, with average annual production expected to exceed 300,000 ounces," Goldcorp president and CEO, Ian Telfer, said in a statement.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8098974"/>

 

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