Archive | Goldcorp Inc.

Goldcorp shares slide after drop in output – by Frik Els (Mining.com – April 27, 2017)

http://www.mining.com/

Shares in Goldcorp Inc (NYSE:GG)(TSX:G) dropped sharply Thursday after the company reported first quarter results that surprised to the upside in terms of profits, but fell well short of expectations for gold production.

Vancouver-based Goldcorp ended the day more than 5% lower in New York for a market capitalization of $11.8 billion after reporting a 122% jump in earnings to $170m or $0.20 per share against forecasts of $0.08.

Investors were unhappy about the fall in gold production however with output going from 799koz during Q1 2016 to 646koz in the same period this year leading to 6.6% fall in revenues for the quarter to $882 million. Continue Reading →

Hey Watson! Is there gold in them thar hills? – by Frik Els (Mining.com – April 24, 2017)

http://www.mining.com/

All the easy digging has been done. All the richest seams have been mined. All the big discoveries have been made. It’s become something of a cliché in mining to pine for the good ole days of rivers of gold, oceans of diamonds and mountains of copper (as if that ever existed).

But that ignores the enormous technological strides that the mining and exploration industry has made – mostly in the interest of efficiency and cost-cutting, but also for discovery.

Advanced technology is being deployed across the industry. From remote management of mines from 1000s of kms away using autonomous trucks and trains, equipment monitoring every tiny detail of plants and processes in real time, widespread automation and mechanization to sampling, detection, imaging and surveying systems. And drones; did I mention drones. Continue Reading →

Investors look for financial restraint as good times roll for gold miners – by Josh O’Kane (Globe and Mail – April 23, 2017)

http://www.theglobeandmail.com/

With Canada’s biggest gold miners back in the mode of making deals and striking partnerships, analysts will be watching the companies’ self-discipline as first-quarter financials start rolling in.

Last year was a period of recovery for gold producers: balance sheets got better, gold prices were healthy and rising and share prices climbed. The S&P/TSX global gold index went up 50 per cent in 2016, and it’s up another 12 per cent so far this year.

In the past, strong gold markets have led to a round of mergers, acquisitions and mine-building, followed by a painful reckoning. Investors haven’t forgotten, so free cash flow, cost savings and debt reduction remain in their sights as precious-metal miners mull new projects in their march out of the commodity slump. Continue Reading →

Mining investments herald ‘a new day’ for Yukon economy: analyst (CBC News North – April 12, 2017)

http://www.cbc.ca/

John Ing says major mining companies with money to invest are looking to replenish their mineral reserves

A mining analyst says money pouring into Yukon mineral exploration projects bodes well for the territory’s economy. “It’s a new day from the standpoint of exploration. It’s healthy,” said John Ing, chief executive officer of Maison Placements Canada Inc., an investment office in Toronto.

Barrick Gold announced earlier this week that it wants to initially invest more than $8 million in ATAC Resources’s Orion project, 55 kilometres east of Keno City. The multi-phased deal could reach a total investment of more than $63 million for exploration.

That follows recent announcements from Goldcorp Inc., Newmont Mining and Agnico Eagle Mines about plans to invest in the territory. Ing says major mining companies have reduced their costs and now have money to invest. He said they’re also looking to replenish their reserves. Continue Reading →

Goldcorp-Barrick Partnership Shows Miners Tip-Toeing to Growth – by Danielle Bochove (Bloomberg News – March 28, 2017)

 

https://www.bloomberg.com/

n the dark days of the commodities meltdown, mining companies turned to partnerships to lower costs and survive. Now, as prices recover, they’re hooking up for growth — or at least the possibility of it. Canada’s two biggest gold miners, Barrick Gold Corp. and Goldcorp Inc., are teaming up to develop a gold-copper deposit in Chile as part of a complex chain of transactions.

The cultures of the two companies are, in many ways, opposites. Where Goldcorp has been focused on boosting production, Barrick has repeatedly stressed that its priority is improving cash flow through better margins.

Barrick’s latest joint venture with Goldcorp means it’s off the hook for the initial development costs associated with a large project in the Maricunga mineral belt, in exchange for handing over control of part of the asset. Continue Reading →

Goldcorp spends nearly $1 billion to get into Chilean joint venture with Barrick Gold – by Sunny Freeman (Financial Post – March 29, 2017)

http://business.financialpost.com/

Two Canadian gold giants, Barrick Gold Corp. and Goldcorp Inc., will form a partnership in Chile’s gold belt in a multi-faceted deal that will see Goldcorp commit nearly US$1 billion as miners look for creative solutions to find and fund new sources of growth.

Goldcorp will pay upfront costs of about US$445 million to get into a lucrative gold belt in a friendly mining jurisdiction through a complex series of deals involving four miners. A joint venture with Barrick will see the companies own and operate at least three properties in Chile’s Maricunga region with further investments largely funded by Goldcorp.

For Vancouver-based Goldcorp, the deal represents an opportunity to take a stake in one of the largest undeveloped gold projects in the world. Goldcorp’s stock fell 6.7 per cent to $20 in Toronto. Continue Reading →

Investors have it wrong. The Barrick-Goldcorp-Kinross deal is a smart move – by Ian McGugan (Globe and Mail – March 29, 2017)

http://www.theglobeandmail.com/

The three-cornered deal announced on Tuesday by Barrick Gold Corp., Goldcorp Inc. and Kinross Gold Corp. is better than the market thinks it is.

While investors’ reaction was immediately and uniformly negative – Goldcorp stock plummeted and Barrick and Kinross shares both lost ground – the shuffle of assets seems like an eminently sensible transaction.

The agreement, which centres on the Cerro Casale gold and copper project in northern Chile, gives each of the companies something it values highly: cash for Kinross, new reserve potential for Goldcorp and a low-cost way to move forward a shelved project for Barrick. It also allows Goldcorp and Barrick to share the risk of developing a swath of Chile’s Maricunga gold belt, while letting the two companies spread expenses among a number of nearby projects. Continue Reading →

Barrick, Goldcorp team up to develop one of world’s largest gold deposits in Chile – by Cecilia Jamasmie (Mining.com – March 28, 2017)

http://www.mining.com/

Canada’s Barrick (TSX, NYSE:ABX) and Goldcorp (TSX:G) (NYSE:GG), the world’s No.1 and No.3 producers of the precious metal by value, are teaming up to develop projects in northern Chile, particularly Cerro Casale, one of the world’s largest gold-copper deposits.

As part of the agreement, Barrick has sold a 25% stake in Cerro Casale to Goldcorp, which will result in a 50-50 joint venture focused on building gold mines in Chile’s prolific Maricunga belt.

The move, a fresh sign that miners are moving from cost-cutting to expanding operations and investing in exploration, also prompted Goldcorp to acquire Exeter Resource Corporation (TSX:XRC) for about $250 million. The takeover makes of Goldcorp the sole owner of the Caspiche gold-copper project, conveniently located only 10 km north of Cerro Casale. Continue Reading →

Goldcorp unveils five-year growth plan – by Salma Tarikh (Northern Miner – February 21, 2017)

http://www.northernminer.com/

Goldcorp (TSX: G; NYSE: GG) has outlined an ambitious five-year growth plan, targeting a 20% increase in both gold reserves and annual production and a 20% reduction in all-in sustaining costs, after spending 2016 restructuring its business, strengthening its management team and selling non-core assets.

“It has been a very busy year as we transition to harvest mode. But we now have a structure and people in place to increase that net asset value (NAV) per share to drive long-term shareholder value,” David Garofalo, Goldcorp’s president and CEO, said on a recent conference call.

“For 2017, our production is projected to be approximately 2.5 million oz. at all-in sustaining cost of US$850 per oz. and expected to grow to 3 million oz. at all-in sustaining cost of US$700 per oz. within five years,” he added. Continue Reading →

As growth plans return at gold miners, are investors being set up for disappointment? – by Ian McGugan (Globe and Mail – February 17, 2017)

http://www.theglobeandmail.com/

Canada’s leading gold companies are once again turning their attention to new projects, as resilient bullion prices and healthier balance sheets fuel guarded optimism.

The shift in emphasis was clear as senior executives discussed earnings reports with analysts on Thursday. A year ago the talk was all about cutting costs, selling assets and expanding free cash flow, but miners are now stressing growth opportunities too.

Agnico Eagle Mines Ltd. said it was planning to invest more than $1.2-billion (U.S.) in two mines in Canada’s North. Goldcorp Inc. reiterated its commitment to expanding its production by 20 per cent over the next five years. Continue Reading →

UPDATE 2-Gold miner Goldcorp details growth plan, shares rise – by Nicole Mordant (Reuters U.K. – January 17, 2017)

http://uk.reuters.com/

Jan 17 Canadian gold miner Goldcorp Inc detailed an ambitious growth plan on Tuesday that includes increasing production as well as yet-to-be-mined reserves by 20 percent over the next five years from existing operations and deposits, lifting its shares.

At an investor day event, the Vancouver-based miner focused on the exploration potential at its mine sites and projects in the Americas, a turnaround from recent years when most miners’ attention was on reducing costs, not growth.

“Growth is not as dirty a word as it was a couple of years ago,” Goldcorp Chief Executive David Garofalo said, warning that the gold industry risked becoming irrelevant if it did not reverse a trend of falling output and reserves. Continue Reading →

#DisruptMining competition dangles another karat in front of staid gold mining industry – by Rick Spence (Financial Post – January 16, 2017)

http://business.financialpost.com/

Back in the day, big businesses and small businesses rarely interacted. What could a small business have or know that could possibly interest multi-national know-it-alls?

Money, distribution and influence were the assets that mattered then. But today the key currency is innovation. Smaller existing companies know they must either become masters of technology and shifting markets, or they’ll become a statistic. So now we see more of them grasping for innovation expertise by partnering with startups, sponsoring incubators, and even holding hackathons. They need innovation partners with one foot in the future.

Case in point: #DisruptMining, an innovation competition designed to bring solutions to the hard-pressed mining industry. The desire for change comes from Vancouver-based Goldcorp, the world’s fourth-largest gold producer. But the catalyst is Integra Gold, a junior explorer in Vancouver. Continue Reading →

Goldcorp to Focus on Partnering With Peers to Develop New Mines – by Scott Deveau and Danielle Bochove (Bloomberg News – January 13, 2017)

https://www.bloomberg.com/

Goldcorp Inc.’s future growth strategy will likely focus on partnering with other senior miners as Canada’s second-largest producer of the metal looks to share the burden of developing multibillion-dollar projects, the chief executive officer said.

The Vancouver-based company has been looking for deposits in the portfolios of other miners or privately held properties that it can develop as joint ventures, David Garofalo said Thursday in comments following an interview on Bloomberg TV Canada. The focus, he said, has been primarily large-scale projects in the Americas.

“These are things that would move the needle even on a 50-50 basis,” Garofalo said, adding projects need to be big to replace the senior miners’ dwindling reserves. “We have to reverse that because by definition we’re dying otherwise as an industry.” Continue Reading →

NEWS RELEASE: Integra Gold and Goldcorp Team with IBM, Microsoft, Accenture and Cisco for #DisruptMining

Disrupt Mining 2017 from Integra Gold Corp on Vimeo.

Integra Gold Corp. (TSX-V: ICG, OTCQX: ICGQF) (“Integra” or the “Company”) and Goldcorp Inc. (TSX: G,NYSE: GG) are pleased to announce they have teamed with four of the world’s largest technology companies to explore potential applications of disruptive technologies in the mining sector.

#DisruptMining is a marquee event during the annual Prospectors and Developers Association of Canada (“PDAC”) conference that will showcase disruptive and exponential technologies with the potential to revolutionize the future of mining, from exploration and discovery to production and automation to financing, marketing and corporate social responsibility. Goldcorp has committed $1 million for a proof of concept at one of Goldcorp’s mines or investment in the winning technologies. Continue Reading →

What Mining Giants From Barrick to Teck Are Watching For In 2017 – by Danielle Bochove (Bloomberg News – December 22, 2016)

https://www.bloomberg.com/

It’s been a turbulent year for miners, with metal prices starting near multi-year lows as executives drew from a common playbook: slashing spending, costs and debt. Then came Brexit and the U.S. election and gold and base metals diverged.

What does 2017 hold? Bloomberg asked the heads of some of the biggest producers including Barrick Gold Corp., Newmont Mining Corp. and Teck Resources Ltd. Opinions vary, but there’s broad agreement that gold faces near-term headwinds from the Fed; that industrial metals have bottomed out but the dizzying 2016 rally may falter; and that miners will begin to spend more, possibly on deals, while keeping an eye on balance sheets.

Barrick’s Kelvin Dushnisky: “If we see an opportunity to acquire something, to increase our margin, earnings, NAV, then we’ll consider it. But if it’s just a matter of adding to our production base, we’re not interested.” Continue Reading →