Goldcorp has sold nearly 20% of its shares in Primero Mining to a group of underwriters led by Cacaccord Genuity for $224 million. The transaction, in connection with the San Dimas mine in Mexico, means Goldcorp will no longer own any shares of Primero.

“The divestiture is consistent with long-term portfolio optimization,” said Goldcorp CEO Chuck Jeannes in a statement. “We have valued our association with Primero; we congratulate the team on their impressive accomplishments.” The deal pends Q3 closure in accordance with securities regulations in all Canadian provinces except Quebec.