Goldcorp to buy Probe Mines for $526M, gain lucrative Ontario gold mine

The Borden Gold project | BCBusiness

Need-to-know news and insight for Tuesday, Jan. 20

Worth its weight in gold
Vancouver-based Goldcorp is making a big buy: $526 million for Probe Mines Ltd., a Toronto-based mining company. The all-stock deal, announced Monday morning, will give Goldcorp control over northern Ontario’s Borden Gold project, one of the most promising in Canada. “This transaction is consistent with Goldcorp’s longstanding strategy of securing growth opportunities in and around our existing districts with a focus on low-cost, high-quality gold production,” CEO Chuck Jeannes said in a press release, referring to Goldcorp’s nearby Porcupine mine. The Borden Gold project is estimated to house nearly 2 million ounces of gold.
Internet of Acquisitions
‘Tis the season of acquisitions, apparently, as another big buy was announced on Friday. Richmond-based Sierra Wireless has completed its acquisition of Swedish information management company Wireless Maingate to the tune of $108 million. Maingate is a leader in machine-to-machine tech—ie. the Internet of Things—with a particularly strong presence in northern Europe.
You’ll just have to trust us
What will Kinder Morgan do in the event of a spill? The B.C. government, several Metro Vancouver municipalities and First Nations had demanded the company disclose its crisis plan with regards to the proposed $5.4-billion Trans Mountain Pipeline expansion. The company, however, didn’t want to offer any answers for “commercial and security reasons,” and it appears the National Energy Board (NEB) has taken Kinder Morgan’s side. That decision was made Thursday. Meanwhile, on Friday, the City of Vancouver submitted another 597 questions for the company as part the ongoing approval process with the NEB. (via CBC)

The last chapter
Chapters’ highly visibly downtown Vancouver location at Robson and Howe is closings it doors
, it was announced Monday. Its last day will by June 30, but the area won’t be without a replacement Chapters. As CEO Heather Reisman explained in a press release, “With a very significant rent increase recently at our Chapters Robson store, the new terms are simply untenable for us to stay in that location. An increase of this magnitude would quite simply make this vibrant, profitable store unprofitable. As a result, we are actively pursuing another location to serve the Robson trade area which we fully intend to open in 2015.” (via The Vancouver Sun)