Sign in Subscribe
Mining industry

Goldcorp/Glamis Update and Arch Coal Foundation Pledges $100K to Promote Mine Safety

Strategic Insights

— 2 min read

In a significant development in the gold and metals industry, Goldcorp Inc. (NYSE:GG) announced that Glamis Gold Ltd. has approved the plan of arrangement with Goldcorp, with 98.6 percent of shareholders voting in favor of the deal. The Supreme Court of British Columbia has also granted Glamis its final order approving the plan of arrangement, with the acquisition expected to be completed by mid-November. Meanwhile, Inco Limited (NYSE: N) has announced the resignation of its Board of Directors, except for Scott Hand, following the acquisition by CVRD Canada Inc. Additionally, the Arch Coal Foundation has pledged $100,000 over three years to Marshall University's new Mine Safety Technology Innovation Capability and Regional Business Development program.

Key Takeaways:

  • Goldcorp Inc. (NYSE:GG) has completed 98.6 percent of the votes cast at its shareholder meeting in favor of the plan of arrangement with Glamis Gold Ltd.
  • The Supreme Court of British Columbia has granted Glamis its final order approving the plan of arrangement, with the acquisition expected to be completed by mid-November.
  • Inco Limited (NYSE: N) has had its Board of Directors resign, except for Scott Hand, following the acquisition by CVRD Canada Inc.
  • The Arch Coal Foundation has pledged $100,000 over three years to Marshall University's new Mine Safety Technology Innovation Capability and Regional Business Development program.
  • The program aims to identify new technologies and practices for the next generation of coal mining safety.
  • Wineco Productions Inc. (OTC: WNCP) has entered into negotiations with a New York-based hedge fund for the development of Mineral Mountain.
  • The hedge fund has indicated that they would finance the operations upon the favorable outcome and completion of the final analysis of the spectra sized ore tailings at the mine site.
  • Wineco's testing of the tailings and surpluses from Mineral Mountain Mining has resulted in significant shows of copper, chromium, and gold.

Statistics:

  • 98.6%: The percentage of votes cast at Glamis Gold Ltd.'s shareholder meeting in favor of the plan of arrangement with Goldcorp Inc.
  • 174,624,019: The number of Inco common shares acquired by CVRD Canada Inc., representing approximately 75.66% of Inco's issued and outstanding common shares.
  • $100,000: The amount pledged by the Arch Coal Foundation over three years to Marshall University's new Mine Safety Technology Innovation Capability and Regional Business Development program.
  • 3 years: The time frame for the Arch Coal Foundation's pledge to Marshall University.
  • Mid-November: The expected completion date for the acquisition of Glamis by Goldcorp Inc.

Sources:

  • M2 PressWIRE-30 October 2006-U.S. Equity News: Goldcorp/Glamis Update and Arch Coal Foundation Pledges $100K to Promote Mine Safety (C)1994-2006 M2 COMMUNICATIONS LTD RDATE:30102006
  • Goldcorp Inc. (NYSE:GG)
  • Glamis Gold Ltd.
  • Inco Limited (NYSE: N)
  • CVRD Canada Inc.
  • Arch Coal Foundation
  • Wineco Productions Inc. (OTC: WNCP)
  • Marshall University
  • U.S. Equity News
  • Equity Solutions, Inc.

Read more