UPDATE 2- Goldcorp eyes other buys after failed Osisko bid -CEO

Thu May 1, 2014 5:34pm EDT
 
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* Goldcorp walked away from hostile Osisko bid last week

* Quarterly earnings above expectations

* Hopeful of Los Filos settlement by end of second quarter (Adds CEO comments, financial details, company background)

By Nicole Mordant

VANCOUVER, May 1 (Reuters) - Goldcorp Inc Chief Executive Chuck Jeannes said on Thursday he was disappointed the company failed in its takeover bid for Osisko Mining Corp but not overpaying for the smaller Canadian miner was the right thing to do.

Jeannes said Goldcorp, which let its C$3.6 billion ($3.28 billion) offer for Osisko lapse last week in the face of a higher, rival bid, does not feel pressured to make another acquisition. But Goldcorp also will not let good opportunities pass by.

"In our business we are always depleting our existing resources and we have to replace those resources and we always look for opportunities and will continue to do that," he said in an interview after Goldcorp, the world's second-biggest gold miner by market value, released quarterly results.

In the past two years, several of the world's biggest gold miners, including Barrick Gold Corp and Kinross Gold Corp, have taken billions of dollars in writedowns for acquisitions made at heady prices as bullion rose for a decade. Since late 2011, the price of gold has dropped by a third to below $1,300 an ounce.

Cost-cutting, a focus on profit and even in some cases lower production have now replaced a growth-at-all-costs mantra. But the pendulum may be swinging too much away from expansion, Jeannes said.   Continued...