Archive | Goldcorp Inc.

Goldcorp Says Peru and Nevada Would Make Portfolio Perfect – by Danielle Bochove (Bloomberg News – May 22, 2018)

https://www.bloomberg.com/

Goldcorp Inc. Chief Executive Officer David Garofalo says he’s happy with his company’s portfolio of assets, but that doesn’t mean he doesn’t have a wish list.

In an ideal world, the company would have an asset in Nevada’s Carlin Trend. “If you’re an Americas-based gold company, you should be there. Barrick and Newmont are there and we should be there,” he said in an interview in Toronto, adding he’d also like to acquire something in Peru. “Those are the two holes in our portfolio geopolitically I’d love to be able to fill in due course.”

Barrick Gold Corp. and Newmont Mining Corp., the two largest producers of the precious metal, both have significant assets in Nevada and mines in Peru. Continue Reading →

‘We’re right at peak gold’: All major deposits have been discovered, declares Goldcorp chairman – by Gabriel Friedman (Financial Post – May 17, 2018)

http://business.financialpost.com/

‘Are we not looking for it? Are we bad at finding it? Or have we found it all? My answer is we found it all’

Ian Telfer, chairman of Goldcorp Inc., is the latest industry magnate to predict the world has reached “peak gold,” saying that from here on out, mine production will continue to decline because all the major deposits have been discovered.

“If I could give one sentence about the gold mining business … it’s that in my life, gold produced from mines has gone up pretty steadily for 40 years,” said Telfer. “Well, either this year it starts to go down, or next year it starts to go down, or it’s already going down.”

“We’re right at peak gold here,” he added. Although gold prices sank two per cent to US$1,289.86 per ounce this week, sliding below the psychologically significant US$1,300 mark for the first time this year, Telfer said that day that he remained “bullish” and predicted gold prices would surpass US$1,500 or US$1,600 per ounce before the end of the year. Continue Reading →

No land claim means we’re ignored in Yukon mine assessment, First Nation says (CBC News North – May 2, 2018)

http://www.cbc.ca/news/canada/north/

The White River First Nation says it wants more input into the review of Goldcorp’s Coffee project

Yukon’s White River First Nation is pushing for a stronger review of a proposed mining project, saying the current environmental assessment process is “unfair,” and excludes the First Nation’s input.

Mining giant Goldcorp has applied to the Yukon Environmental and Socioeconomic Assessment Board (YESAB) to build a gold mine near Coffee Creek, about 130 kilometres south of Dawson City.

“This area is important to WRFN [White River First Nation] history, culture and way of life,” said the First Nation’s chief, Angela Demit, in a statement. “We don’t want another repeat of the Faro mine where the First Nations were not adequately consulted… and now look at the mess all Canadians are paying to clean up.” Continue Reading →

Goldcorp earnings slide on lower output, sales – by Henry Lazenby (MiningWeekly.com – April 26, 2018)

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – Canadian mining major Goldcorp has reported a sharp drop in first-quarter profit, as higher gold prices failed to offset lower production, sales and rising costs.

The Vancouver-based miner reported profit of $67-million, or $0.08 a share, which was far removed from the $170-million, or $$0.20 a share, the company reported in the same period a year earlier. Analysts had, on average, expected earnings of $0.11 a share, according to Thomson Reuters data.

Goldcorp said revenues fell 4% year-on-year to $846-million, mainly owing to decreases in gold and silver sales volumes of 14% and 11%, to 466 000 oz and six-million ounces, respectively, and an 8% lower average realised silver price of $14.21/oz. Continue Reading →

Weak first quarter on tap for Canada’s gold producers – by Niall McGee (Globe and Mail – April 23, 2018)

https://www.theglobeandmail.com/

Investors are bracing for a weak first quarter from Canada’s biggest gold companies with lower production and higher costs expected amid a marginally higher commodity price.

Barrick Gold Corp., the world’s biggest gold producer, reports Monday after the close, with Goldcorp Inc. and Agnico Eagle Mines Ltd. to follow later in the week.

“We expect rising labour costs combined with higher energy and consumable costs to put upward pressure on both operating costs and all in sustaining costs (AISC) at maturing mines,” wrote Stephen Walker, head of global mining research with RBC Dominion Securities Inc. in a note previewing earnings season at the senior gold producers. Continue Reading →

The world’s top 10 largest gold mining companies – 2017 – by Frik Els (Mining.com – February 28, 2018)

http://www.mining.com/

According to the World Gold Council primary gold production hit another record in 2017 after nine years of growth in output, albeit at a much slower pace.

Global gold production totalled roughly 105m troy ounces in 2017. Output is up 525 tonnes or nearly 17m ounces since the start of the decade.

The top 10 listed, non-state owned gold miners are responsible for nearly 30% of global output. The ranks of the top producing companies have stayed remarkably stable, but the next few years will shake-up the industry’s top tier. Continue Reading →

Slow-moving mining companies begin to look to startups for digital innovations (Toronto Star – February 26, 2018)

https://www.thestar.com/

CANADIAN PRESS: VANCOUVER—The mining industry has developed a reputation for being slow to change, but a new wave of startups is helping push it into the digital age.

Four of those companies have been declared finalists in Goldcorp Inc.’s mining innovation competition, banking on the potential to replace cyanide, to use sound waves to see deep inside the earth, map mines in virtual reality and digitize trading.

The companies — EnviroLeach Technologies Inc., Acoustic Zoom Inc., LlamaZoo Interactive Inc. and Open Mineral AG — were chosen out of for more than 100 companies looking to bring new ideas to the industry. Continue Reading →

Agnico Eagle CEO bullish on Canada as rivals falter overseas – by Gabriel Friedman (Financial Post – February 16, 2018)

http://business.financialpost.com/

Gold prices are rising after a prolonged period of sluggish performance, but not all gold producers will be able to use 2018 to grow — as three earnings announcements released this week by senior Canadian gold companies demonstrated.

Barrick Gold Corp., the world’s largest producer, cut its 2018 production outlook to 4.5 million to 5 million ounces whereas Goldcorp Inc., at nearly half the size, kept its production outlook unchanged at 2.5 million ounces. Meanwhile, the smallest of the pack Agnico Eagle Mines Ltd., increased its production guidance to 1.53 million ounces.

The different growth outlooks not only reflect the difference in size between the companies, but also varying approaches to risk management — whether related to the geography of operations, the approach to acquisitions and explorations or other aspects of management. Continue Reading →

‘Every area of mining ripe for innovation’ – Goldcorp – by Henry Lazenby (MiningWeekly.com – February 9, 2018)

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – Every conceivable area of mining is in dire need of technological innovation, major miner Goldcorp tells Mining Weekly Online in an interview.

“We are not exactly the most advanced industry in the world, and we’re slow in adopting new technologies. Every area is ripe for innovation,” Goldcorp’s VP for technology Luis Canepari says. According to him, perhaps the most critical area in need of innovation is exploration.

He explains that, these days, across the entire mining industry, the exploration success rate is very low. “Anything that we can do to improve those results have a direct correlation to improving the bottom line. That is why we are spending big on exploration innovation.” Continue Reading →

Goldcorp re-submits rejected application to build Yukon mine – by Dave Croft (CBC News North – January 17, 2018)

http://www.cbc.ca/news/canada/north/

Project manager believes company has done everything it can to ensure application makes it through process

Mining giant Goldcorp has re-submitted its massive application for environmental permitting to build a gold mine 130 kilometres south of Dawson City, Yukon. The original proposal was filed last March and rejected by the Yukon Environmental and Socio-economic Assessment Board (YESAB) a few months later.

YESAB found the application inadequate because Goldcorp had not properly consulted four potentially affected First Nations.

The re-submitted application — a document of more than 20,000 pages — says that since then, the company has been meeting with the Tr’ondëk Hwëch’in, Selkirk, Na-Cho Nyak Dun and White River First Nations. Continue Reading →

[Timmins Goldcorp] PGM aims to build larger milling facility – by Len Gillis (Timmins Daily Press – January 12, 2018)

http://www.timminspress.com/

TIMMINS – The skyline around the Dome Mine property is likely to see a dramatic change. With the recent closure of the Dome underground workings, the company is preparing to remove all the existing infrastructure and familiar surface buildings at that site.

Those changes were part of the presentation revealed to the Timmins Chamber of Commerce lunch event by Marc Lauzier Thursday. Lauzier is the mines general manager for Goldcorp Porcupine Gold Mines (PGM).

The chamber audience consisted mainly of mining supply and service representatives who seemed assured to hear that PGM is still in business as strongly as ever in the Porcupine Camp despite the Dome underground shutdown and especially with the prospect of the new Century Project. Continue Reading →

Legendary Timmins Dome underground operations ended Dec. 31: ‘It’s just amazing what this mine has done for the community’ – by Maija Hoggett (Northern Ontario Business – January 2, 2017)

Legendary Dome Mine Timmins Ontario (Wiki Photo)

https://www.northernontariobusiness.com/

The final day of 2017 marked the end of an era at a Timmins mine. More than 100 years after the Dome underground mine started, work permanently ceased on Dec. 31.

Goldcorp Porcupine Gold Mines (PGM) announced the closure, which directly affects about 140 people, in August. To mark the end of the historic operation, mine general manager Marc Lauzier said each crew enjoyed cake, a photographer took keepsake photos for interested crew members, and the workers received a memento to bring home.

“I couldn’t be prouder of our crews; they’ve done a phenomenal job, they’ve kept their heads up right until the end, and the morale is actually better than it could be,” Lauzier said. Continue Reading →

The View from the Goldcorp Chairman’s Office – by Tommy Humphreys (CEO.ca – Novmeber 2, 2017)

https://ceo.ca/

Ian Telfer’s office at Goldcorp looks nothing like the rest of the company’s double story headquarters atop Park Place, a pink marble tower that is one of Vancouver’s largest skyscrapers.

The Goldcorp chairman’s corner suite overlooks a spectacular view, like an eagle’s nest atop the city. The walls are painted dark, giving the impression of a chic hotel lounge more than a workspace. Warm paintings of local landmarks decorate them. Ian Telfer, a trim, dapper figure and a giant of the gold business, is seated behind the desk. He shrugs his shoulders, nonchalantly, and tells me he bought the paintings from a local artist he found in a coffee shop.

I used to work in the building myself, as a summer student for RBC Dominion Securities. During a 2006 building renovation, there was a lot of buzz about the new tenant taking over the penthouse suite. That tenant was Goldcorp. Ian Telfer and Frank Giustra’s Wheaton River Minerals had successfully navigated the gold boom of the early 2000s and acquired Goldcorp to become Canada’s second largest producer. It was the talk of the town then and still is today. Continue Reading →

Goldcorp reveals good news for the Dome Mine Century Project – by Len Gillis (Timmins Daily Press – November 1, 2017)

http://www.timminspress.com/

More “positive” news has emerged about Goldcorp’s Century Project in Timmins which is a proposed expansion of the existing Dome Mine open pit operation.

Goldcorp has released a “reserves and resource estimate” that reveal the pre-feasibility study for the Century Project gold mine has been completed and the news was good.

“The Base Case Pre-Feasibility Study was positive and Goldcorp believes that exploration drilling and the upcoming optimization study could continue to add value to this organic project with low execution risk in a proven mining district,” said the report. Continue Reading →

BMO: Miners may revisit dormant mega-projects – by Matthew Keevil (Northern Miner – Matthew Keevil)

Northern Miner

VANCOUVER — The last five years have seen large-cap miners shelve — and often write-down — ambitious, greenfield development projects that carry significant development price tags and heightened risk.

The majors instead focused on stronger operating margins and lighter balance sheets, which were typically characterized by improved free cash flow generation and lower debt.

The last 18 months have marked a shift in sentiment for metal producers, however, as metal prices have strengthened and risk capital markets entered the nascent stages of recovery. Continue Reading →