FORM
6-K
UNITED
STATES
SECURITIES
AND
EXCHANGE COMMISSION
Washington,
D.C.
20549
Report
of Foreign Private Issuer
Pursuant
to
Rule 13a-16 or 15d-16
of
the
Securities Exchange Act of 1934
For
the month
of October 2005
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Goldcorp
Inc.
(Translation
of registrant's name into English)
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Suite
1560,
200 Burrard Street
Vancouver,
British Columbia V6C 3L6 Canada
(Address
of
principal executive offices)
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Indicate
by check
mark whether the registrant files or will file annual reports under cover
Form
20-F or Form 40-F.
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Form
20-F
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....[ ].....
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Form
40-F
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....[X]....
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Indicate
by check
mark if the registrant is submitting the Form 6-K in paper as permitted
by
Regulation S-T Rule 101(b)(1): ____
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Note:Regulation
S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if
submitted solely to provide an attached annual report to security
holders.
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Indicate
by check
mark if the registrant is submitting the Form 6-K in paper as permitted
by
Regulation S-T Rule 101(b)(7): ____
| Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. |
Indicate
by check
mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission
pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
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[
]
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No | [X] |
If
"Yes" is marked, indicate below the file number assigned to the registrant
in
connection with Rule 12g3-2(b): 82- ________
 |
Suite
1560 -
200 Burrard St.
Vancouver,
BC, V6C 3L6
Tel:
(604)
696-3000
Fax:
(604)
696-3001
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Toronto
Stock
Exchange: G
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New
York Stock Exchange:GG
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GOLDCORP
AGREES TO ACQUIRE ASSETS INCREASING 2006 ANNUAL GOLD PRODUCTION
BY 50% TO OVER
TWO MILLION OUNCES
Vancouver,
BC, October 31, 2005
- Goldcorp Inc.
(“Goldcorp”, TSX: G; NYSE: GG) is pleased to announce that it has entered
into
an agreement with Barrick Gold Corporation (“Barrick”, TSX, NYSE: ABX) to
acquire certain mining assets and interests of Placer Dome
Inc. (“Placer Dome”,
TSX, NYSE: PDG), in the event that Barrick is successful
in its bid to acquire
Placer Dome. The consummation of this transaction would increase
Goldcorp’s
annual gold production by approximately 50% to more than
2 million ounces at a
total cash cost of less than US$150/oz. Proven and probable
gold reserves would
increase by 83%.
Barrick
announced
today that it will make an offer to acquire all the outstanding
shares of Placer
Dome for approximately US$9.2 billion in shares and cash.
Barrick and Goldcorp
have entered into a separate agreement pursuant to which
Goldcorp will acquire,
for approximately US$1.35 billion in cash, certain of Placer
Dome’s Canadian
assets, including the Campbell mine in Ontario and a portfolio
of producing and
development assets with significant exploration potential.
Highlights
of this
transaction for Goldcorp include:
| · |
2006
gold
production will increase by approximately 50% to
more than 2 million
ounces.
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| · |
Gold
reserves
will increase by 83% to approximately 23 million
ounces.
|
| · |
Measured
and
indicated gold resources will increase by 195%
to 16 million
ounces.
|
| · |
Inferred
gold
resources will increase by 86% to 11 million ounces.
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| · |
Goldcorp
will
maintain its position as the lowest cost producer,
with 2006 cash costs
below US$150/oz.
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| · |
The
transaction is accretive to earnings per share,
cash flow per share,
reserves and resources per share, and production
per
share.
|
| · |
Acquisition
of the Campbell mine will allow Goldcorp to consolidate
its position in
Canada’s leading mining district and provides the potential
to extract
significant synergies given Goldcorp’s adjacent Red Lake
mine.
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| · |
Goldcorp
estimates total annual synergies of US$30 - US$40
million.
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-
2
-
| · |
Participation
in a large-scale, long-life development asset as
well as significant
exploration potential related to the Canadian assets
to be acquired should
significantly enhance Goldcorp’s growth profile and its long-term exposure
to gold.
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| · |
No
share
issuance will be required as Goldcorp’s strong cash position and current
balance sheet strength will allow it to offer 100%
cash
consideration.
|
Subject
to any
required consents and government approvals, Goldcorp will
acquire Placer Dome’s
interests in the Campbell mine, the Porcupine JV and the
Musselwhite JV in
Ontario, as well as the La Coipa gold / silver mine in Chile.
Under the terms of
the agreement, Goldcorp will also acquire a 40% interest
in the Pueblo Viejo
development project in the Dominican Republic. Barrick intends
to retain the
remaining 60% interest and will develop and operate this
world-class asset. In
addition, Goldcorp will acquire Placer Dome’s interest in its Canadian
exploration properties.
“Acquiring
these
assets makes a lot of sense due to the geographical synergies
with Goldcorp’s
existing operations. It is accretive to earnings, cash flow,
reserves, resources
and production on a per share basis,” said Ian Telfer, President & CEO of
Goldcorp. “It enhances Goldcorp’s growth profile and provides significant
exploration upside while maintaining Goldcorp’s status as the lowest cost major
gold producer.”
In
order to fund
this proposed acquisition, Goldcorp intends to use a portion
of its current cash
balance of over US$400 million, US$500 million from its existing
revolving
credit facilities, and new committed credit facilities of
US$700 million.
Goldcorp
is
presently the world’s lowest cost million ounce gold producer with mining
operations in the Americas and Australia. As a result of
this transaction, 2007
gold production is expected to double from current levels
to 2.4 million
ounces.
Conference
Call
& Webcast Details
A
conference call will be held today, Monday, October 31st,
at 10:00 a.m.
(ET) to discuss this transaction. You may join the call by
dialing toll free
1-877-888-4210 in Canada and the United States, or (416) 695-5259.
A
live audio webcast of this conference call with presentation
slides will also be
available, visit the website www.goldcorp.com
for details.
The
conference call
will be recorded and you can listen to a playback of the
call after the event by
dialing toll free 1-888-509-0081 in Canada and the United
States, or (416)
695-5275.
Media
Conference
Details
A
media conference with Ian Telfer, Goldcorp’s President and Chief Executive
Officer, will be held at 11:30am ET, Monday, October 31,
at 37 BCE Place, Canada
Trust Tower, 161 Bay Street, Suite 3700, Toronto.
- 3
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Authorized
media
representatives who are unable to attend the conference in
person may
participate by dialing toll free 800-633-8547, or internationally,
416-641-6668.
This
press release
contains “forward-looking statements”, within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and similar
Canadian
legislation, concerning the business, operations and financial
performance and
condition of each of Goldcorp Inc. (“Goldcorp”) and certain assets of Placer
Dome Inc. (“Placer”) that Goldcorp has agreed to acquire from Barrick Gold
Corporation. Forward-looking statements include, but are
not limited to,
statements with respect to the future price of gold, silver
and copper, the
estimation of mineral reserves and resources, the realization
of mineral reserve
estimates, the timing and amount of estimated future production,
costs of
production, capital expenditures, costs and timing of the
development of new
deposits, success of exploration activities, permitting time
lines, currency
exchange rate fluctuations, requirements for additional capital,
government
regulation of mining operations, environmental risks, unanticipated
reclamation
expenses, title disputes or claims and limitations on insurance
coverage.
Generally, these forward-looking statements can be identified
by the use of
forward-looking terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of such
words and phrases or state that certain actions, events or
results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are subject to known and unknown
risks, uncertainties
and other factors that may cause the actual results, level
of activity,
performance or achievements of Goldcorp and certain assets
of Placer that
Goldcorp has agreed to acquire from Barrick Gold Corporation,
respectively, to
be materially different from those expressed or implied by
such forward-looking
statements, including but not limited to: risks related to
the integration of
acquisitions; risks related to international operations;
risks related to joint
venture operations; actual results of current exploration
activities; actual
results of current reclamation activities; conclusions of
economic evaluations;
changes in project parameters as plans continue to be refined;
future prices of
gold, silver and copper; possible variations in ore reserves,
grade or recovery
rates; failure of plant, equipment or processes to operate
as anticipated;
accidents, labour disputes and other risks of the mining
industry; delays in
obtaining governmental approvals or financing or in the completion
of
development or construction activities, as well as those
factors discussed in
(a) the section entitled “Description of the Business - Risk Factors” in
Goldcorp’s annual information form for the year ended December 31,
2004, (b) the
section entitled “Description of the Business - Risk Factors” in Wheaton River
Minerals Ltd.’s annual information form for the year ended December 31,
2004,
and (c) the section entitled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations - Risks and Uncertainties” in Placer’s
annual information form for the year ended December 31, 2004.
Although Goldcorp
has attempted to identify important factors that could cause
actual results to
differ materially from those contained in forward-looking
statements, there may
be other factors that cause results not to be as anticipated,
estimated or
intended. There can be no assurance that such statements
will prove to be
accurate, as actual results and future events could differ
materially from those
anticipated in such statements. Accordingly, readers should
not place undue
reliance on forward-looking statements. Goldcorp does not
undertake to update
any forward-looking statements that are incorporated by reference
herein, except
in accordance with applicable securities laws.
Readers
are advised
that National Instrument 43-101 of the Canadian Securities
Administrators
requires that each category of mineral reserves and mineral
resources be
reported separately. Readers should refer to the respective
annual information
forms of Goldcorp, Wheaton River Minerals Ltd. and Placer,
each for the year
ended December 31, 2004, and other continuous disclosure
documents filed by
Goldcorp since January 1, 2005 available at www.sedar.com,
for this detailed
information, which is subject to the qualifications and notes
set forth
therein.
- 4
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Cautionary
Note to United States Investors Concerning Estimates of Measured,
Indicated and
Inferred Resources:
This press release
uses the terms “Measured”, “Indicated” and “Inferred” Resources. United States
investors are advised that while such terms are recognized
and required by
Canadian regulations, the United States Securities and Exchange
Commission does
not recognize them. “Inferred Mineral Resources” have a great amount of
uncertainty as to their existence, and as to their economic
and legal
feasibility. It cannot be assumed that all or any part of
an Inferred Mineral
Resource will ever be upgraded to a higher category. Under
Canadian rules,
estimates of Inferred Mineral Resources may not form the
basis of feasibility or
other economic studies. United
States investors are cautioned not to assume that all or
any part of Measured or
Indicated Mineral Resources will ever be converted into Mineral
Reserves. United
States investors are also cautioned not to assume that all
or any part of an
Inferred Mineral Resource exists, or is economically or legally
mineable.
For
further
information, please contact:
Julia
Hasiwar
Director,
Investor
Relations
Goldcorp
Inc.
1560-200
Burrard
Street
Vancouver,
British
Columbia, V6C 3L6
Telephone:
1800-567-6223
Fax:
(604)
696-3001
Email:
info@goldcorp.com
Website:
www.goldcorp.com
Signature
Pursuant
to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto
duly
authorized.
| GOLDCORP INC. | ||
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Date: October
31, 2005
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Name: Anna M. Tudela |
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Title:
Assistant Corporate Secretary and
Manager,
Legal
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