Court Rules Goldcorp Acquisition of Chilean Copper, Gold Deposit 'Proper'

Mark Gelowitz, Allan Coleman

June 26, 2012

By Pav Jordan, The Globe & Mail

Goldcorp Inc. has won a court battle against larger rival Barrick Gold Corp. over ownership of the potentially massive El Morro copper-and-gold deposit in Chile, a potentially massive deposit that could become a mine as early as 2017 and keep running for nearly 20 years.

The ruling, by Ontario Court justice Herman Wilton-Siegel, may end a protracted dispute between Canada’s two largest gold miners, and comes at a time when the industry is finding it harder and harder to find new deposits of significant size and in friendly jurisdictions.

El Morro could hold more than three times the amount of gold that Goldcorp produced last year and the ruling will likely impact the company’s stock price when markets open on Wednesday.

Analysts said in March that a victory in the dispute could add 45 cents to Goldcorp’s share price.

 

Osler successfully represented Goldcorp on this matter with a team led by Mark Gelowitz and Allan Coleman.