(Adds shares, background)
Jan 12 (Reuters) - Canada's Goldcorp Inc G.TO , the world's No. 3 gold miner by market value, said on Thursday it would sell its Los Filos mine in Mexico to Leagold Mining Corp LMCh.V for in a deal worth $438 million.
Vancouver-based Goldcorp said it would be paid $279 million in cash and $71 million in Leagold shares, while it would also retain certain tax receivables of about $88 million. put Los Filos on the block last year as part of a plan to focus on more profitable, core mines. It hired the Bank of Nova Scotia to sell the mine. L1N1AE21R
Los Filos, which began commercial production in 2008, had 1.43 million ounces of gold and 7.8 million ounces of silver in proven and probable reserves as of June 30, 2016.
Last February, Goldcorp cut gold reserves at the mine by 78 percent, or 5.3 million ounces, since production had become unprofitable with gold prices at $1,100 an ounce.
Goldcorp began operating Los Filos on a revised mine plan in 2016 with a smaller pit, lower stripping costs and shorter mine life.
In the third quarter, mining began moving from open pits to higher-grade underground operations.
Goldcorp has also hired bankers to sell its Camino Rojo gold and silver project in Mexico.
The company's shares were up 1.7 percent at C$19.38 in morning trading on the Toronto stock exchange.