Mining: Goldcorp court challenge dismissed
An Ontario court has dismissed Barrick Gold Corp.’s (TSX:ABX) claims that Vancouver-based Goldcorp Inc. (TSX:G; NYSE:GG)’s 70% acquisition of the El Morro project in Chile was unlawful and ineffective.
“We’re pleased that the court has confirmed our position that our acquisition of El Morro was completely proper and consistent with the relevant agreements and Chilean law and that Goldcorp’s 70% ownership share of the project has now been clarified for our shareholders,” Goldcorp president Chuck Jeannes said in a June 26 statement.
Forestry: B.C. reforestation efforts questioned
The total area of B.C.’s forest lands that needs replanting could exceed current reforestation efforts by more than one million hectares, according to a Forest Practices Board report released June 26.
The report said that almost two million hectares of Crown forested land could potentially be “not satisfactorily restocked” after being devastated by fire and the mountain pine beetle infestation. It notes that half a million hectares will be replanted by industry, and government plans to restock about a quarter of a million hectares.
Forestry: Creditors approve Catalyst restructuring
Catalyst Paper Corp.’s (TSX: CTL) creditors have approved a planned restructuring that will see the company sold. Creditors rejected a proposed restructuring plan last month, forcing Catalyst to seek a stalking horse bid.
Catalyst’s new plan was approved June 25 by 99% of the company’s secured and unsecured creditors.
“The plan puts Catalyst on a stronger financial base to compete and adapt as the marketplace for our products continues to change,” Catalyst CEO Kevin Clarke said in a statement.
Mining: Western Potash buys Regina wastewater
Vancouver-based Western Potash Corp. (WPX:TSX) will pay the City of Regina $200 million over 45 years for treated wastewater to be used at a new potash mine south of the prairie capital.
Under an agreement announced June 26, Western Potash will receive 60,000 cubic metres of treated effluent daily from the city’s wastewater treatment.
The wastewater will be piped 30 kilometres southeast of Regina to the company’s Milestone Potash project and used in the process of bringing potash to the surface.
Mining: Silvermex shareholders approve acquisition
The shareholders of Vancouver-based Silvermex Resources Inc. (TX:SLX) have voted in favour of the company’s acquisition by Vancouver-based First Majestic Silver Corp. (TSX:FR).
The companies said that, after unanimous recommendation from the Silvermex board, the acquisition was approved by more than 99% of the votes cast at a June 26 meeting.
According to the companies, the deal will bring necessary capital and operational expertise to potentially accelerate exploration activities and production growth at Silvermex’s La Guitarra Mine in Mexico.
