By Allison Martell
Reuters / Business News Network
On one side, the founder of top miner Goldcorp Inc, his young apprentice, an aggressive securities lawyer, and a tiny company based in a Quebec mining town. On the other, the chief executives of two leading Canadian gold miners, fresh off one of the biggest deals of their careers.
Some of Canada’s best-known mining executives are sparring over the early-stage but promising Odyssey gold discovery in Quebec, near Canadian Malartic, the country’s biggest gold mine.
The legal fight has its roots in the $3.9-billion takeover of Osisko Mining Corp, the mine’s builder, this year. Yamana Gold Inc and Agnico Eagle Mines Ltd teamed up to beat a hostile bid by Goldcorp, taking control of Canadian Malartic.
At the heart of the dispute is who, if anyone, will profit from Odyssey, one of Osisko’s assets. If early drilling results at the exploration site pan out, it could be a choice addition to the Canadian Malartic mine, extending its life.