By: Sharda Prashad

Goldcorp, Inc. (TSX: G) yesterday announced that it acquired 8.5 million shares of Osisko Mining Corp. (TSX: OSK).  This represents 12.9% of Osisko’s outstanding common shares.   It also acquired 4.3 million purchase warrants of the junior miner, bringing its total Osisko stake to 4.8%.
Goldcorp noted that it’s not currently planning to increase its stake in Osisko.  But that’s not to say that Osisko wouldn’t be a pretty good takeover target.  Osisko is something of gem among juniors.  It’s expected to produce 591,000 ounces of gold annually, over ten-years, with an average operating cost of US$319/oz.  Its flagship property is the wholly-owned Canadian Malartic property in Quebec’s Abitibi mining district.
For Q2/09, Goldcorp announced adjusted net earnings of $99.2 million, or $0.14 per share, compared to $83.2 million or $0.12 per share, in the second quarter of 2008. Gold production increased 5% over the 2008 second quarter to 582,400 ounces.
At the time of this writing, Osisko was trading up 6.53% at $7.50/share, while Goldcorp was trading down 0.89% at $38.92.