March 23, 2011 / 3:27 PM / 7 years ago

Reuters Summit-Goldcorp plans to refocus on organic growth

(For other news from the Reuters Global Mining and Steel Summit: here

TORONTO, March 23 (Reuters) - Goldcorp (G.TO), Canada’s No.2 gold miner, plans to slow down the tempo on deal-making and refocus on developing its large pipeline of projects in the Americas, its CEO said on Wednesday.

“M&A is not a high priority for us - focusing on delivering these new projects is our priority now,” Goldcorp Chief Executive Chuck Jeannes said at the Reuters Global Mining & Steel Summit in Toronto.

Goldcorp has pursued aggressive M&A-driven growth recently. It was involved in about half-dozen deals last year alone.

In September it agreed to buy Argentina-focused gold miner Andean Resources for C$3.6 billion, trumping a competing offer from fellow Canadian Eldorado Gold Corp (ELD.TO). [ID:nSGE6820BF]

Last February, among other acquisitions, Goldcorp bought a 70 percent interest in the El Morro copper-gold project in north-central Chile for about $513 million, outmaneuvering Barrick Gold (ABX.TO), which also tried to buy the asset. [ID:nN17143968]

Jeannes said the company has just received approval of its environmental impact assessment at El Morro and continues to push forward with the project. He said he expects the company’s updated feasibility study on Cerro Negro to be completed by the end of March and released in early April.

The company, which has more than doubled its gold output since 2005, expects to produce between 2.65 million and 2.75 million ounces this year. It sees production climbing to 4 million ounces by 2015. (Reporting by Euan Rocha, Julie Gordon and Pav Jordan; Editing by Frank McGurty)

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