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KMN and Wheaton (Luismin) JV partners at the San Anton project in Mexico

 

 

Wheaton seeking Australian acquisitions

 

Friday, October 01, 2004

 

HAVING fought off a takeover threat from Coeur d'Alene Mines, Canadian miner Wheaton River Minerals has embarked on its own growth path and said its looking for acquisitions of companies or gold projects in the Americas, Australia or Asia that produce more than 200,000 ounces per annum.

 

The company already has a presence in Australia at the 110,000ozpa Peak mine in New South Wales.

 

Coeur d'Alene Mines let its bid for Wheaton River expire on Wednesday after Wheaton River urged its shareholders to reject the offer saying there was no financial or strategic benefits to Wheaton River.

 

Wheaton River chief executive Ian Telfer said the company was relieved the bid had expired according to the Montreal Gazette.

 

Wheaton River has had a busy year in terms of mergers and acquisitions after it tried to take over fellow Canadian Iamgold, which was subsequently taken over by South African major Gold Fields.

 

In August Wheaton River secured a US$300 million financing facility to fund up to three separate acquisitions through HVB Group. The facility is available for a period of 15 months.

 

The company has forecast its 2006 gold production at 900,000 gold equivalent ounces at total cash costs of less than US$100 per ounce. Current production is 500,000 gold equivalent ounces (400,000oz gold and 7 million ounces silver) at a total cash cost of about US$50/oz.

 

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