Goldcorp Inc. (TSX:G) has sold its $1.6 billion stake in Silver Wheaton Corp. (TSX:SLW).
The Vancouver gold miner completed its secondary offering of 108 million Silver Wheaton shares receiving $14.50 per share. The underwriting syndicate was co-led by Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and GMP Securities LP.
Goldcorp sold its stake to realize a substantial return on its investment in Silver Wheaton and to further streamline and focus its business on its gold operations in the Americas.
Proceeds of the share sale will give Goldcorp more flexibility in funding its expected 50% growth in its gold production over the next five years. During that time, the company expects capital expenditures to top US$3.9 billion, which includes funding completion of the Pensaquito, Eleonore and Cerro Blanco projects.
Goldcorp's share price range during the past week: between $35.64 and $37.31; 52-week high: $40.61; 52-week low: $22.40.