Archive | Goldcorp Inc.

ANALYSIS: Gold industry leaves no stone unturned in battle over West Australia Government mining royalty hike – by Jacob Kagi (Australian Broadcasting News – October 5, 2017)

The gold industry is pulling out all stops in its fight to defeat what it claims will be a job-crippling royalty increase, while division simmers in the Liberal Party over whether to give the bid crucial support in Parliament.

From taking out large newspaper advertisements to inviting key media figures to dinner at fancy restaurants, the mining lobby is leaving no stone unturned in its battle against the McGowan Government’s gold royalty hike.

But with the vote in State Parliament to determine the fate of the 50 per cent rise in the royalty rate potentially less than a week away, the industry stepped its campaign up a notch yesterday. In a rare show of unity, senior executives from some of the state’s biggest gold miners, and top figures from other companies linked to the industry, lined up yesterday to warn jobs would be lost en masse if the royalty hike remained. Continue Reading →

Cost-cutting miners shine despite range-bound gold prices – by Sunny Freeman (Financial Post – July 28, 2017)

Canadian gold miners posted solid second-quarter profits driven by increasing efficiency at their operations rather than any stellar increase in the price of gold. Toronto-based miners Barrick Gold Corp. and Agnico Eagle Mines Ltd. and Vancouver-based Goldcorp Inc. all surprised analysts with earnings that beat expectations as they continue to drive down their cost of sales.

Historically, the performance of gold companies tends to move in tandem with bullion prices, but the miners better-than-expected year-over-year results came even as the price of gold during the quarter remained virtually flat — up just three per cent over the year before.

Gold companies have been focused on driving down cash costs and paring their portfolios to deal with a years-long decline in the commodities market and those moves during bust times appear to be paying off as the cycle begins to make a more positive shift. Continue Reading →

Mining Giants Post Red-Hot Results in Lukewarm Gold Market – by Danielle Bochove (Bloomberg News – July 27, 2017)

Four of the world’s top gold companies were in full “beats” mode in the second quarter, wringing more value out of their mines amid tepid gold prices.

A day after Newmont Mining Corp. reported higher-than-expected adjusted profits by extracting more gold at lower costs, Canada-based Barrick Gold Corp., Goldcorp Inc. and Agnico Eagle Mines Ltd. followed suit Wednesday.

“It’s the night of the beats,” Andrew Kaip, a Toronto-based analyst at BMO Capital Markets, said by telephone. “The read here is that their optimization programs are continuing to deliver and their capacity to improve their operational outlook continues to have momentum.” Continue Reading →

[Yukon Mining] Junior shakeup in the White Gold District – by Andrew Topf ( – July 23, 2017)

The White Gold District in the Canadian Yukon territory is continuing to see movement, this time among junior gold explorers hoping to grab a piece of the action.

Last week Taku Gold (TSXV:TAK) said it has picked up four White Gold properties from Golden Predator Mining (TSXV:GPY), including one from Golden Predator’s subsidiary, Golden Predator Exploration. The four properties are 40 Mile, Korat, Chopin and Lucky Joe.

According to Taku Gold the highlight of the all-share deal is the acquisition of the Lucky Joe prospect, since it butts up against Taku’s Rosebute project to the north. The company adds that it will be able to capitalize on Goldcorp (NYSE:GG, TSX:G) recently building a road to access the Coffee gold project the gold major acquired from Kaminak Gold: Continue Reading →

YESAB says Goldcorp failed to consult First Nations, halts Coffee mine assessment – by Lori Garrison (Yukon News – July 14, 2017)

‘They just came in and completely failed to read the local landscape’

The Yukon Environmental Socio-Economic Assessment Board has discontinued its assessment of the proposed Coffee gold mine on the grounds that Goldcorp did not adequately consult with the affected First Nations governments.

“Having carefully reviewed the information in Goldcorp’s proposal as well as the comments provided by the Tr’ondëk Hwëch’in and Selkirk First Nation, the executive committee is of the opinion that Goldcorp has not met its obligation to consult in relation to those First Nations and the First Nation of Na-Cho Nyak Dun,” YESAB’s executive committee wrote in its report, issued July 12.

“The only aspect we’re looking at is the consultation record…. They (Goldcorp) are missing pieces of it,” said Rob Yeoman, a spokesperson for YESAB. Goldcorp appears to have tried to rush through the consultation process in an effort to meet what mine general manager Buddy Crill referred to as an “aggressive” March 31 assessment deadline. Continue Reading →

Goldcorp makes headway with plan to give Dome mine a new life – by Cecilia Jamasmie ( – July 4, 2017)

Canada’s Goldcorp (TSX:G) (NYSE:GG), the world’s number four bullion miner in terms of output, is moving forward with its Century project, which aims to extend the life its century-old Dome mine in Ontario.

The Dome mine received a death sentence in January 2016, when Goldcorp announced it was closing the operation in the summer due to weak bullion prices that nearly half the company’s share price over the previous year.

A few months later, however, the company literally stroke gold as it found indicated mineral resource of 4.5 million ounces and a gold inferred mineral resource of 0.9 million ounces (for a total of 5.4 million ounces) at what is now being called the Dome Century Project. Continue Reading →

A new century of mine production: Porcupine Gold Mines considers new pit in Timmins – by Lindsay Kelly (Northern Ontario Business – June 29, 2017)

As Porcupine Gold Mines (PGM)-Goldcorp’s mining reserves become more depleted in Timmins, the company is embarking on a new project to take its operations into the next century. The proposed Century Project would expand the original Dome open-pit operation, which was mined between 1996 and 2004, to the northeast, and operate for 10 or more years.

PGM’s Dome underground and Hollinger open-pit mines have limited resources left, and so the Century Project is a way for the company to extend its longevity in the Timmins camp, said Marc Lauzier, general manager at Porcupine Gold Mines (PGM)-Goldcorp.

“If we just stay with the one underground concept, then at some point we’ll disappear; we won’t survive,” he said. “If we want to be economically viable and if we want to continue to contribute to Timmins, we need projects like this to make that happen, and so this is just an example of some of the ideas we have to take PGM into a second century in the Timmins camp.” Continue Reading →

A tale of two mines: One shovel in the past, the other in the future – by Sunny Freeman (Financial Post – June 21, 2017)

Booms and busts are the norm when it comes to towns built on the mining industry, but the future could see the creation of communities specifically designed to last as long as the mine and for the economic benefits to be spread among many towns. Financial Post reporter Sunny Freeman and videographer Tyler Anderson traveled to one such mine ramping up in northern Quebec and another in Timmins, Ont., which is agonizing over the closing of its increasingly old-fashioned mines

Coverall-clad miners sip coffees and clutch metal lunch boxes as they listen for the shaft operator’s familiar tap-tap-tap signalling the elevator is on its way for the start of another subterranean shift at Goldcorp Inc.’s Dome mine in Timmins, Ont.

They wait for the muddy night-shift workers to step out of the cage before turning on their headlamps, a common courtesy so as not to blind their weary colleagues, before descending a kilometre underground. It’s a daily routine that has been performed for more than a century at Canada’s oldest operating gold mine.

The Dome mine was incorporated in 1910, when northeastern Ontario’s gold rush brought eager prospectors, families and a sense of community to what was then considered the remote north. It is a working relic, an homage to a long history of towns built on the bedrock of mining, when rich, multi-generational projects breathed life into local economies. Continue Reading →

In-depth interview: Barrick’s Dushnisky and Goldcorp’s Garofalo on gold mining’s future (Northern Miner – June 11, 2017)

Global mining news

At the Canadian Mining Symposium hosted by The Northern Miner at Canada House in London in early May, session moderator Greg Huffman, managing director and global head of mining sales at Canaccord Genuity, sat down with Barrick Gold (TSX: ABX; NYSE: ABX) president Kelvin Dushnisky and Goldcorp (TSX: G; NYSE: GG) CEO David Garofalo for an in-depth conversation on the strategies they use to guide both companies, plus a wider look at what the future holds for gold mining globally. The following is an edited transcript of the exchange.

Question: Looking at some of Goldcorp’s latest acquisitions such Gold Eagle, Virginia, Probe and Kaminak, is there now a premium on assets in safer jurisdictions, given the current political turmoil worldwide?

DAVID GAROFALO: It’s always been fundamental to Goldcorp’s strategy to stay in low political-risk jurisdictions — generally, investment-grade countries with the notable exception of taking a bit more risk in investing in Argentina prior to the Macri regime. But that was a generational asset in Cerro Negro, and it’s been born out in the changing regime there and the Macri economic model. Continue Reading →

Exclusive: Mexico owes Canada miners over $360 million, led by Goldcorp – documents – by Alexandra Alper and Susan Taylor (Reuters U.S. – June 8, 2017)

MEXICO CITY/TORONTO – Mexico’s tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp Inc, according to sources and official documents seen by Reuters, escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there.

In a string of meetings, Canadian officials have pressed Mexico to fix the problem, which hamstrings mining companies’ ability to invest in operations and is particularly difficult for smaller, cash-strapped miners and explorers, people familiar with the matter said.

Vancouver-based Goldcorp declined to comment on its outstanding refund, which represents 142 percent of its 2016 net profit and 6 percent of its full-year revenue. Goldcorp, the world’s No. 3 gold miner by market value, is owed the largest amount, according to documents seen by Reuters, followed by Torex Gold Resources, a small, Toronto-based miner which began commercial production at its Mexico mine last year and is waiting on a refund of some $66.5 million. Continue Reading →

Tr’ondëk Hwëch’in FN and Goldcorp spar over mine proposal – by Dave Croft (CBC News North – June 5, 2017)

Yukon First Nation says mining company is pushing its Coffee Mine project too fast through screening

Goldcorp says the Tr’ondëk Hwëch’in First Nation in Dawson City has refused to allow the company to speak directly to First Nation citizens about its gold mine proposal south of the Yukon community.

The comment is made in a document filed with the Yukon Environmental and Socio-economic Assessment Board and in response to documents filed by the First Nation complaining about consultation by the company. Goldcorp filed its 19,000 page application with the environmental screening agency at the end of March.

The assessment board is currently determining if the proposal contains enough information to allow the board to make recommendations about whether it should be permitted to move forward. There will also be a public comment phase. Continue Reading →

Canadian gold majors eye home-field exploration advantage – by Matthew Keevil (Northern Miner – May 23, 2017)

VANCOUVER — Canada’s gold miners are naturally interested in discovery back home, but the push for more so-called homegrown ounces appears to be on the rise following the recent down cycle, with oft-cited reasons including: geopolitical risk, operational synergies, and favourable infrastructure.

The Northern Miner reviewed exploration reports from three marquee Canadian gold producers to find where these major miners are most active in Canada.

Barrick Gold

The world’s largest gold producer had its start near Wawa, Ont., but it’s subsequently developed major production centres in Nevada and abroad. Barrick Gold (TSX: ABX; NYSE: ABX) operates the historic Hemlo gold mine 35 km east of Marathon, Ont., however, where it drilled nearly 20,000 metres last year. Continue Reading →

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

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 ( – April 24, 2017)

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 →