Archive | Goldcorp Inc.

Ian Telfer talks: Transcending low grades in school, he hit high grades in mining and philanthropy – by Greg Klein (Resource Clips – July 4, 2018)

http://resourceclips.com/

Here’s a guy who got rejected not by “virtually every university in Canada, it was every university in Canada”—and for an MBA program at that. Now chairperson of Goldcorp TSX:G, Ian Telfer credits one school’s 11th-hour offer with giving him a second shot at his career, putting an undistinguished background behind him to become a serial success story.

His reflections provided inspiration to a sold-out Vancouver audience of 850 people hoping to pick up some of the magic that made him a mining legend.

The June 28 event saw him interviewed on stage by Peter Legge, a standup comic-turned-publisher and author of several motivational books. Consequently, conversation focused less on mining deals than on qualities that might complement success in any industry. Hosting the event was BCBusiness, a magazine created by Cambridge House International founder Joe Martin and sold to Legge by local zillionaire Jim Pattison. Continue Reading →

First new all-electric mine dumps diesel; cuts costs, pollution – by Susan Taylor and Barbara Lewis (Reuters U.S. – June 21, 2018)

https://www.reuters.com/

CHAPLEAU, Ontario/LONDON (Reuters) – Hundreds of feet below thick boreal forest blanketing the Canadian Shield, a squad of near-silent, battery-powered machines are tunneling toward gold in a multimillion-dollar mining experiment to ditch diesel.

Goldcorp Inc (G.TO) (GG.N) is building the world’s first new all-electric mine, a high-stakes gambit to replace noisy, fume-belching equipment being closely watched by a diesel-dependent industry.

A rough-hewn tunnel, some 800 feet underground, seems an incongruous setting for revolutionary technology, but front-line workers call it a game changer. Continue Reading →

The diesel-addicted mining industry is finally embracing renewable energy, but it’s not just because of the environment – by Gabriel Friedman (Financial Post – June 11, 2018)

http://business.financialpost.com/

With diesel prices rising in tandem with oil prices, the quest for sustainability has pushed many companies to look closely at their energy usage

About a 10-hour drive northwest of Toronto, in an area with no history of mining and little exploration, Goldcorp Inc. is tunneling a hole, currently at least 120 meters below the pine tree forests and lakes that dot the surface, for what it hopes will be one of its most sustainable mines yet.

Borden, as the mine is to be called when it starts producing in 2019, will be modest in size at about 250,000 ounces of gold per year under current estimates.

But Goldcorp harbours big ambitions to make it the first all-electric underground mine in Canada where everything from the trucks that haul ore, to the ventilation system that provides oxygen to its subterranean workers, run off energy taken from the electrical grid. Continue Reading →

Goldcorp signs impact and benefit agreement with Indigenous communities – by Staff (Northern Ontario Business – June 6, 2018)

https://www.northernontariobusiness.com/

Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations will benefit from miner’s Borden Gold project

Goldcorp has signed an impact and benefit agreement (IBA) with three First Nations, marking a big step forward in the development of its Borden Gold project near the town of Chapleau. In a June 6 news release, the company said it had signed an agreement with the Indigenous communities of Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations.

The company said the agreement is the result of two years of negotiations with the three communities and marks a major milestone, as this is the first time the three First Nations are involved with a mining project.

Under the agreement, Goldcorp recognizes and respects the rights and interests these First Nations have around the Borden project site, and the three First Nation communities recognize and support Goldcorp’s rights and interests in the development and future operation of the mine. Continue Reading →

City approves sale of lands to Goldcorp – by Len Gillis (Timmins Daily Press – May 23, 2018)

http://www.timminspress.com/

TIMMINS – Timmins city council has approved selling off 30 parcels of public land for more than $872,000 to Goldcorp Porcupine Gold Mines to allow the company to be in a better position to move forward with the Century Project expansion.

The sale was approved Tuesday night with a purchasing bylaw that was first approved by a motion of council after an in-camera meeting held a month ago, on Tuesday. April 17, 2018.

The closed meeting was held to discuss the pending sale or purchase of lands by the city. Only the mayor and four council members were present: Joe Campbell, Mike Doody, Veronica Farrell and Walter Wawrzaszek. Following that one-hour meeting, council went into a public session to pass the resolution to authorize the sale of the land parcels. The media, which was not present that day, had not been told of the public meeting. Continue Reading →

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 →