Goldcorp cashes up for shopping spree

Goldcorp (G-T) has arranged a US$500-million credit facility with a group of lenders including The Bank of Nova Scotia, Bayerische Hypo-und Vereinsbank, Societe Generale, Bank of Montreal and Royal Bank of Scotland.

The unsecured, revolving facility is available for acquisitions and general corporate purposes. Any money drawn down under the facility must be refinanced or repaid by July 29, 2010.

“This US$500 million facility, combined with a present cash balance of over US$400 million, will allow Goldcorp to acquire additional gold assets for cash and continue its growth path,” said Goldcorp CEO Ian Telfer in a prepared statement.

Goldcorp’s second-quarter financial results are due out after the market close on August 15.

In other news, Goldcorp has declared its eighth monthly dividend payment for 2005 of 1.5 per share. Shareholders of record at the close of business on August 17 will receive payment on August 26.

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