Goldcorp Inc. – Page 9 – Republic of Mining

Papua New Guinea’s Struggle With Domestic and Sexual Violence – by Camilla Capasso (The Diplomat – May 2, 2016)

May 3, 2016

PNG has some of the highest levels of family and sexual violence in the world.

Joanne showed severe signs of malnutrition when she walked with her 10-month-old baby girl into the Family Support Center in Port Moresby, the capital of Papua New Guinea. She told the staff of Doctors Without Borders that she had left her baby with the child’s father the day before to go out and beg for food.

When she returned home her daughter was distressed, she had a fever, and her genitals were swollen and bruised. Some time before, the child’s father had sexually abused Joanne’s eldest daughter, so Joanne instantly knew what had happened.

At the center, the staff of Doctors Without Borders tried to get both Joanne and her baby into short-term safe housing. After some time, a temporary room became available and the two moved in. Most safe houses in PNG don’t provide financial assistance and rules require that children are never left unattended.

Goldcorp hack underlines rise in cyberattacks on corporations – by Ian McGugan (Globe and Mail – April 29, 2016)

April 29, 2016

http://www.theglobeandmail.com/

A computer attack on Goldcorp Inc. has resulted in a data breach, highlighting the growing propensity of criminals to target confidential corporate information.

David Garofalo, chief executive of Vancouver-based Goldcorp, said he has handed the matter over to police. “At this point, it’s a criminal matter,” he said. “Our systems are secure, our business is running normally. We don’t pay criminals.”

Mr. Garofalo said he couldn’t comment on the specifics of the case because of the police investigation, but indicated that Goldcorp was not unique in being targeted by such cyberassailants. “My understanding is that they target a lot of companies,” he said. “They do it for money. In that case, the answer is obvious to me – you don’t pay criminals and then you call the police.”

Goldcorp Reports First Profit in Three Quarters Amid Cost Cuts – by Danielle Bochove (Bloomberg News – April 28, 2016)

April 29, 2016April 28, 2016

http://www.bloomberg.com/

Goldcorp Inc. reported its first profit in three quarters, beating analysts’ estimates, as costs fell more than expected.

First-quarter net income was $80 million, compared with a net loss of $87 million a year earlier, Vancouver-based Goldcorp said Wednesday in a statement. Excluding one-time items, earnings were 10 cents a share, beating the 4-cent average of 18 estimates compiled by Bloomberg.

Like its peers, the world’s third-largest gold producer by market value has been working to strengthen its balance sheet. The company had average all-in sustaining costs of $836 an ounce of gold in the first quarter, compared with $894 for all of 2015 and the $861.50 average of four estimates compiled by Bloomberg.

Top Mining Minds: Ian Telfer, Goldcorp Inc. – by Mike Luft (Mining Feeds.com – April 21, 2016)

April 26, 2016

http://www.miningfeeds.com/

Those of us who work in the mining sector are probably well-aware of some of the big names in the industry. Names like Eike Batista, Robert Friedland, Lukas Lundin, and Frank Giustra. All mining executives who have not only enjoyed great success in the industry, but who have also seemed to be in the right place at the right time — and then made the most of it.

Chairman of Goldcorp Inc. (NYSE: GG), Ian Telfer, would be another name to add to the list. Ian Telfer has spent more than thirty years in the mining business, building and leading a number of first-rate mining companies, all while experiencing gold’s ebb and flow from bull market to bear to bull again. Perhaps most importantly, Ian, along with his business partner, Frank Giustra, were prescient enough in 2001 to take advantage of the end of a deep gold bear market and the beginning of a gold bull run that lasted the next seven years.

Taking full advantage of this bull market, Ian would go on to form and lead a number of significant mining companies, like Wheaton River Minerals Inc. and Silver Wheaton Corp., and would also lead Goldcorp, first as its President and CEO, then as its Chairman, a role Ian continues to serve to this day.

Aboriginal youth join the FIFO family – by Virginia Heffernan (Mining Families Matter – April 2016)

April 18, 2016

http://www.miningfm.ca/

Mining is already the largest private sector employer of aboriginal people in Canada, and it’s poised to become even more diverse as companies implement programs to attract and retain aboriginals from the communities around their mines. About half of aboriginal people are under the age of 25 and mining is a greying industry, so it makes sense for companies to engage this local talent pool.

This month I spoke to Adele Faubert, Manager of Aboriginal Affairs for Goldcorp’s Musselwhite Mine in northwestern Ontario, about the mine’s Aboriginal Mining and Skilled Trades Entry Project (AMSTEP). It’s a five-month, 800-hour, FIFO training and work experience program, the first of its kind to take place at an active mine site in Canada. The students, ranging in age from 18 to 29 (some with children at home), train on a two-week on/two-week off rotation. The second class graduated in March.

Q: What was the motivation behind AMSTEP?

2016 PDAC Bill Dennis Award Winners: Bruce Channel Discovery Team – Robert Cudney, Stephen Roman and John Whitton

March 10, 2018March 12, 2016

PDAC 2016 – Bill Dennis Award – Bruce Channel from PENDA Productions on Vimeo.

http://www.pendaproductions.com/ This video was produced by PENDA Productions, a full service production company specializing in Corporate Communications with a focus on Corporate Responsibility.

(L to R) Edward Thompson, PDAC Awards Committee Chair; Stephen Roman; Robert Cudney; John Whitton (Photo by Envisiondigitalphoto.com)

This award, named for a former president of the association, honours individuals who have accomplished one or both of the following: made a significant mineral discovery; made an important contribution to the prospecting and/or exploration industry.

Bruce Channel Discovery Team: For the discovery of gold at Bruce Channel in the Red Lake Gold Camp, Ontario.

Robert Cudney, Stephen Roman and John Whitton receive this award for their Bruce Channel discovery in the heart of the well-explored Red Lake Gold Camp in northwestern Ontario. It was discovered by Exall Resources Limited, which later became Gold Eagle Mines Ltd. after merging with Southern Star Resources Inc. With strategic input from professional geologist John Whitton, the deposit was estimated to contain approximately 14.1 to 16.5 million tonnes of gold, at a grade of roughly 20-25 grams per tonne. grams per tonne.

New CEO David Garofalo sets realistic course for Goldcorp – by Ian McGugan (Globe and Mail – March 9, 2016)

March 9, 2016

http://www.theglobeandmail.com/

David Garofalo has a graph that should appall any precious metals aficionado.

It shows how nine major gold producers’ share prices have fared over the past decade. Only one of those stocks – that of Agnico Eagle Mines Ltd. – actually achieved a lasting gain during the 10-year period.

All the other big global gold miners in the graph saw their share prices decline between 2005 and 2015. The sweeping, near-universal losses for investors in the sector – despite a gold price that shot upward over the time span – offer evidence of a massive case of value destruction.

Mr. Garofalo, who became chief executive officer at Goldcorp Inc. on Feb. 29, is clear that he doesn’t intend to let that sad history repeat itself, at least not on his watch.

BNN Reporter Andrew Bell Interviews Goldcorp CEO David Garofalo (Business Network News Commodities – March 7, 2016)

March 8, 2016

http://www.bnn.ca/ How the new Goldcorp CEO plans to tackle the company’s challenges A look at how new Goldcorp CEO David Garofalo plans to tackle challenges at Goldcorp, including lower production and creeping debt.

Barrick estimates $2 billion costs if Nevada, Peru projects proceed (Reuters U.S. – February 22, 2016)

February 22, 2016

http://www.reuters.com/

Barrick Gold Corp (ABX.TO) (ABX.N), the world’s largest gold miner, estimated spending of about $2 billion if it decides to proceed with projects in Nevada and Peru.

Barrick, releasing updated pre-feasibility and feasibility studies on the projects, also said on Monday it would redeem up to $750 million of notes to help cut debt by at least $2 billion this year.

The company’s U.S.-listed shares were down about 3 percent at $12.18 in premarket trading on Monday.

Barrick said a pre-feasibility study estimated $1 billion in initial capital spending on its Goldrush project in Nevada, based on a start of construction in 2020.

[Goldcorp gold mine] PGM underground set to close end of July – by Len Gillis (Timmins Daily Press – January 16, 2016)

January 18, 2016

http://www.timminspress.com/

TIMMINS – As a mine manager, Goldcorp’s Brendan Zuidema said Friday he holds a bit of sadness in his heart to be the man at the helm as the last of three great gold mines of the Porcupine Camp is about to come to a close.

“Yeah, the Hollinger Mine, the McIntyre Mine and the Dome Mine were the Big Three,” said Zuidema. “The Hollinger and the McIntyre are both closed. We are still mining the Hollinger open pit, but that is more a reclamation project to close that property. So Dome is the last of the Big Three. I think in terms of ounces over 105 years, Dome has been around 17 million ounces.”

Speaking to reporters on Friday, Zuidema outlined the details for the eventual shutdown of what is believed to be the longest running gold mine in Canada, the Dome Mine. Discovered in 1909, it was the first major discovery in the Porcupine Camp. The Dome went into production in 1910 and went on to outlast every major gold mining operation discovered in those early days of Timmins.

[Goldcorp] Dome Gold Mine closing had to happen eventually – by Ron Grech (Timmins Daily Press – January 15, 2016)

January 18, 2016

http://www.timminspress.com/

TIMMINS – Nobody at the time of the discovery of its deposit in 1909 would have predicted the Dome Mine would still be in operation in 2016. But here we are, albeit, with the Dome in its final months.

Goldcorp announced this week it will be shutting down the Dome underground operation, likely around the end of July. Close to 200 people — 115 employees and 76 contractors — will be out of work as a result.

The Dome has been virtually mined out. The company revealed at a press conference held in Timmins on Friday that there are still some traces of gold in the rocks but it’s just not worth digging up and processing at any price.

Goldcorp to Consider Expanding Outside of Americas to Africa – by Danielle Bochove (Bloomberg News – January 11, 2016)

January 13, 2016

http://www.bloomberg.com/

The new head of Goldcorp Inc. says the world’s largest gold company by market value plans to look beyond the Americas to Africa and Europe for opportunities to expand.

Goldcorp has counted its relatively small global footprint as a strength. But as the Vancouver-based gold producer finds fewer opportunities close to home, it’s time to cast a wider net, David Garofalo, the company’s incoming chief executive officer, said in an interview in Bloomberg’s Toronto office.

“If there’s anybody who’s positioned to take on a little more political risk, it’s Goldcorp, given its premium market cap relative to our competitors,” Garofalo, 50, said on Monday. “There are some jurisdictions within Africa that might make some sense and Europe, Eastern Europe in particular.”

Incoming Goldcorp CEO doesn’t expect metals rebound in 2016 – by Ian McGugan (Globe and Mail – December 30, 2015)

January 4, 2016

http://www.theglobeandmail.com/

Gold’s persistent weakness isn’t over yet, according to the incoming chief of the world’s most valuable gold miner.

David Garofalo, who takes over as chief executive officer at Goldcorp Inc. in April, says the precious metal is still emerging from the end of a long period in which it benefited from interest rates that declined to near zero.

Gold, which pays no dividend, shines as a store of value when other investments also produce no yield in real, or after-inflation, terms. However, it loses lustre as competing assets begin to offer higher payouts.

“Right now, gold prices reflect the reality that real interest rates have nowhere else to go but up,” Mr. Garofalo said.

Brutal cartels fight over Mexico’s ‘conflict-free’ gold revenues – by FRANK JACK DANIEL, ANAHI RAMA AND LIZBETH DIAZ (Reuters U.S. – December 6, 2015)

December 7, 2015

http://www.reuters.com/

CARRIZALILLO, MEXICO – Heroin traffickers linked to the abduction and disappearance of 43 students a year ago are battling over millions of dollars paid by Canadian mining giant Goldcorp to a village in Mexico’s southern gold belt, leading to a wave of murders.

As a signatory to a Conflict-Free Gold Standard drawn up by the World Gold Council industry group, Goldcorp (G.TO) commits to extracting the precious metal in a manner that “does not fuel unlawful armed conflict or contribute to serious human rights abuses.”

But residents of Carrizalillo in the impoverished state of Guerrero say the some $3 million a year in rent paid by Goldcorp for their land, which the mine is built on, is fuelling a bloody feud between two rival cartels.