Goldcorp sells Osisko stake for $530 million

Goldcorp announced on Tuesday that it sold its 10.1% equity interest in Osisko Mining Corporation. Expected cash proceeds from the sale will be Can$530 million.

According to Goldcorp's news release, the shares were sold on an underwritten block trade basis at a gross price of C$13.75 per share.

"The sale of our investment in Osisko highlights Goldcorp's continued success in redeploying internal capital from non-core assets to fund our leading growth profile," said Chuck Jeannes, Goldcorp President and Chief Executive Officer.

Osisko Mining Corporation holds a 100% interest in the Canadian Malartic gold deposit in Quebec, Canada. The company's Canadian Malartic mine is expected to start production in the second half of 2011.

Goldcorp is planning to build six new mines over the next five years. In 2010, gold production at Goldcorp was 2.52 million ounces. Based on market capitalization, Goldcorp is the world's second largest gold producer.

Michael McCrae wrote this story. You can contact him at [email protected].