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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 6 - K
[X] Pursuant to Rule 13a-16 or 15d-16 of the SECURITIES EXCHANGE ACT OF 1934
GOLDCORP INC.
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(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-12970
PROVINCE OF ONTARIO 98770100
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(State of other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
SUITE 2700, 145 KING STREET WEST
TORONTO, ONTARIO, CANADA M5H 1J9
(416) 865-0326
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20 - F [ ] Form 40-F [ X ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-(b) under the SECURITIES EXCHANGE ACT OF 1934.
Yes [ ] No [ X ]
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FORM 27
MATERIAL CHANGE REPORT UNDER SECTION 75(2) OF THE ACT
ONTARIO SECURITIES ACT OR EQUIVALENT IN OTHER PROVINCES
ITEM 1. - REPORTING ISSUER:
GOLDCORP INC.
SUITE 2700
145 KING STREET WEST
TORONTO, ONTARIO
M5H 1J8
("GOLDCORP")
ITEM 2. - DATE OF MATERIAL CHANGE:
December 31, 1999
ITEM 3. - PRESS RELEASE:
A press release was issued on January 4, 2000 describing the material
change.
ITEM 4. - SUMMARY OR MATERIAL CHANGE REPORT
Goldcorp Inc. announced that it sold on December 31, 1999 all of its
Havelock Lime division located in Havelock, New Brunswick to a new purchaser,
known as "Havelock Lime Ltd." for a purchase price of US$20.5 million
(Cdn$29,650,000) subject to post closing adjustments.
ITEM 5. - FULL DESCRIPTION OF MATERIAL CHANGE:
Goldcorp Inc. has closed the sale of its Havelock Lime division on
December 31, 1999. The gross proceeds of the sale were US$20.5 million
(Cdn$29,650,000) subject to post closing adjustments. The purchaser is a private
Canadian company and part of a group of companies that produce lime and
limestone products in North America. All employees of Havelock Lime will be
offered employment with the new owner.
The asset sale injects additional working capital into Goldcorp's
treasury. Including the proceeds of the asset sale, Goldcorp's year end cash and
short-term investments will be approximately US$45 million. The proceeds from
the sale will be used to complete the development of the Red Lake Mine.
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The construction of the new Red Lake Mine has proceeded on schedule and
was 45% complete at year end. All of the new surface buildings were closed in
prior to winter so that the remainder of the construction can be carried out
inside. The 1999 underground program concentrated on infrastructure development
allowing the mine to be in a position to start developing in ore during the
first quarter of 2000.
The mine is a dynamic property and remarkable for a number of reasons.
The quality of the gold is extremely high grade and deposits are substantial.
The average annual production over the life of the mine is forecast at 240,000
ounces per year and the cash production costs will rank among the lowest in the
industry at a cost of less than US$90 per ounce.
The development of the NEW Red Lake Mine is 40% completed. Commercial
production is scheduled to begin in November 2000. Over the life of this
high-grade gold mine, annual production is forecast to average 240,000 ounces
per year at a cash production cost of less than US$90 per ounce. Planning is
underway to increase forecast annual production by 90% in the third full year of
operation. Exploration successes continue, as illustrated by recent drilling
results. The most spectacular intersection was 83.5 ounces of gold per ton
(2,864.6 grams per ton) over an intercept length of 18.2 feet (5.5 metres).
ITEM 6. - RELIANCE ON SECTION 75(3) OF THE ACT:
Not applicable.
ITEM 7. - OMITTED INFORMATION:
None.
ITEM 8. - SENIOR OFFICER:
Victoria K. Russell
Vice President, Legal
Tel. No. (416) 865-0326
ITEM 9. - STATEMENT OF SENIOR OFFICER:
The foregoing accurately discloses the material change referred to
herein.
DATED at Toronto this 6th day of January, 2000.
By /s/Victoria K. Russell
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Vice President, Legal
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GOLDCORP INC.
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NEWS RELEASE
Toronto, Canada
January 4, 2000
GOLDCORP BEGINS THE NEW YEAR WITH A
US$20 MILLION BOOST TO WORKING CAPITAL
GOLDCORP INC. (TSE/ME: G.A, G.B; NYSE: GG.A, GG) begins the year 2000 with a
stronger treasury! Goldcorp received US$20.5 million (Cdn$29,650,000, subject to
post closing adjustments) when it completed the sale of its Havelock Lime
division on December 31, 1999. The sale has produced a pre-tax gain of
approximately US$12 million.
The asset sale injects additional working capital into Goldcorp's treasury.
Including the proceeds of the asset sale, Goldcorp's year end cash and
short-term investments will be approximately US$45 million. The proceeds from
the sale will be used to complete the development of the Red Lake Mine.
The construction of the new Red Lake Mine has proceeded on schedule and was 45%
complete at year end. All of the new surface buildings were closed in prior to
winter so that the remainder of the construction can be carried out inside. The
1999 underground program concentrated on infrastructure development allowing the
mine to be in a position to start developing in ore during the first quarter of
2000.
The mine is a dynamic property and remarkable for a number of reasons. The
quality of the gold is extremely high grade and deposits are substantial. The
average annual production over the life of the mine is forecast at 240,000
ounces per year and the cash production costs will rank among the lowest in the
industry at a cost of less than US$90 per ounce.
Goldcorp is a financially strong North American based gold producer and has no
debt. The additional funds will enable Goldcorp to provide the new Red Lake Mine
with an even more stellar future. The mine will be one of the highest grade and
lowest-cost per ounce gold mines in the world and will provide investors with
the opportunity for spectacular revenue growth.
FOR FURTHER INFORMATION, PLEASE CONTACT: CORPORATE OFFICE:
Robert R.McEwen 145 King Street W.
Chairman and CEO Suite 2700
Telephone: (416)865-0326 Toronto, Ontario
Fax: (416)361-5741 M5H 1J8
e-mail: [email protected]
website: www.goldcorp.com
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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.
By /s/Victoria K. Russell
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Vice President, Legal
(Duly Authorized Officer)
Date: January 6, 2000
