Goldcorp sells Mexican mine for nearly $US440m

Los Filos mine. Image: Goldcorp

Goldcorp has entered an agreement to sell its Los Filos mine in Mexico to Leagold for $US438 million.

It comes as the Canadian company aims to focus more on its core assets.

“The divestiture of Los Filos is consistent with our strategy of focusing on our core camps to drive increasing net asset value per share,” David Garofalo, president and CEO of Goldcorp, said.

“We will work closely with the team at site to ensure a smooth transition and look forward to working with Leagold to continue to add value at Los Filos.”

In February last year, the company cut Los Filos’ gold reserves by 78 per cent as lowered gold prices made production unprofitable, Reuters reports.

The operations cited 1.43 million ounces of gold and 7.8 million ounces of silver in both proven and probable reserves as of June 2016.

Earlier this week, Goldcorp announced the sale of its Cerro Blanco gold-silver project in Guatemala to Bluestone Resources for $18 million.

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