Archive | Goldcorp Inc.

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 →

Goldcorp prepared to extend Timmins’ 100-year gold rush – by Frank Giorno (Northern Ontario Business – December 6, 2016)

https://www.northernontariobusiness.com/

Area west of Timmins ‘underexplored and underdeveloped for gold mining’

Marc Lauzier, the general manager of Porcupine Gold Mines and Goldcorp’s operations in the Timmins gold camp, provided a vision for growth at two locations that could extend mining will into the 2030 and beyond.

Speaking at a Timmins Chamber of Commerce luncheon on Dec. 2, Lauzier detailed the present and future gold mining projects like Probe Mine at Borden Lake, near Chapleau, and the potential for developing the Project Century open pit at site of the current Dome open pit and Dome underground mine, which would engulf an area almost four times the current operation in South Porcupine.

With the eventual projected operations at Probe Mine and with Project Century fully on stream, an expansion of the Dome Mill’s capacity of 12,000 tonnes per day will also be required. Lauzier kicked off his talk by pointing out the importance of Goldcorp and its predecessor companies — Placer Dome, Hollinger and McIntyre Mine — to Timmins’ economic and culture. Goldcorp inherited a 106 years of tradition. Continue Reading →

Goldcorp GM talks about company’s future in Timmins – by Alan S. Hale (Timmins Daily Press – December 2, 2016)

http://www.timminspress.com/

Goldcorp is hard at work on projects that will see its century-long presence as an integral part of the Timmins economy continue for many years to come. That was the central message the mining company’s general manager, Marc Lauzier, brought to a crowded room full of mining industry members and other local business people on Thursday afternoon. The gathering was organized by the Timmins Chamber of Commerce as part of their series of Inside Your Business luncheons.

During his speech to the more than 150 people packed into the McIntyre Arena`s auditorium, Lauzier said despite the fact that many of their most profitable projects in the Timmins area are approaching the end of their life cycles, it is Goldcorp’s goal to keep mining in the region for as long as it is feasible.

“Today I want to talk about some the projects that we are trying to do so we can stay around Timmins for longer,” said Lauzier. “I’ve talked to some of our partners, and they are coming to the end of their lives in the next six to seven years. I’m standing here in front of you with some opportunities that could keep Goldcorp here and alive for at the same (levels of production) or even better for another 10, 15 or 20 years.” Continue Reading →

Goldcorp job cuts ‘devastate’ Red Lake as Ontario town loses 3 per cent of workforce – by Cathy Alex (CBC News Thunder Bay – November 25, 2016)

http://www.cbc.ca/news/canada/thunder-bay/

‘Wall Street gets a cold, we get pneumonia,’ mayor says of job cuts at gold mine

The town of Red Lake, Ont., about 570 kilometres northwest of Thunder Bay, is “devastated” by the loss of three per cent of its workforce after the GoldCorp gold mine cut 27 jobs, says Mayor Phil Vinet.

“We’re a gold-mining town, and we’re subject to the whims or the rigours of Wall Street,” Vinet said. “When the price of gold on Wall Street drops, or Wall Street gets a cold, we end up with pneumonia.”

“You hate to lose even one of these jobs in the mine,” he added. “These are good jobs, they’re high paying and these people have lived in the community for a long time.” With people potentially leaving town to find new employment, the community will feel the impact on both the economic, and social level, said Vinet. Continue Reading →

Groundwork being laid to re-open and expand Timmins, Ontario Dome open pit – by Sarah Moore (Timmins Daily Press – October 29, 2016)

http://www.timminspress.com/

TIMMINS – A major “good news” announcement from Goldcorp this week could potentially lead to the re-opening of the Dome open pit mine in Porcupine.

In a presentation of its third quarter results, the company announced a finding at the century-old mining operation which could “dramatically increase the gold production,” from the Porcupine camp, according to the company’s president David Garofalo.

The company announced it has discovered an 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.

“We announced today, an inaugural gold mineral resource of 5.4 million ounces at Porcupine’s new dome century project,” Garofalo said in a conference call on Thursday. Continue Reading →

Goldcorp’s Garofalo stresses quality over quantity – by Ian McGugan (Globe and Mail – October 27, 2016)

http://www.theglobeandmail.com/

David Garofalo has poured more than a million dollars of his own money into his company’s stock in recent months. For the time being, that is not a winning investment for the chief executive of Goldcorp Inc. Shares of the Vancouver-based gold miner have slid from above $26 in early July to below $20 as the company’s earnings have generally disappointed analysts’ expectations and its gold production has declined from levels of a year earlier.

But Mr. Garofalo, who took over as Goldcorp’s chief executive at the end of February, shrugs off the market’s less-than-enthusiastic reaction. Investors, he suggests, should get used to the idea of focusing on quality rather than quantity when it comes to judging precious-metal investments.

“If investors are uncomfortable with a smaller gold company, just generally speaking you’re going to have difficulty investing in the space at all,” he says. “The industry is shrinking, and necessarily so” because of a lack of good geological prospects. “So it has to focus on profitability.” Continue Reading →

Goldcorp going electric with Chapleau, Ontario gold mine – by Ian Ross (Northern Ontario Business – October 14, 2016)

https://www.northernontariobusiness.com/

Goldcorp wants to take a low profile in developing an all-electric mine at its Borden Lake deposit. The Canadian gold miner is determined to make its physical presence less felt with the first mine out of the chute in the Chapleau area’s emerging gold camp.

Situated 10 kilometres east of the town, Goldcorp’s 2015 acquisition of the project from Probe Mines was touted as one of the best new development assets in the industry.

Since mining is relatively new to this part of northeastern Ontario, Marc Lauzier, mine general manager at Porcupine Gold Mines (PGM) in Timmins, said his team is taking extra care to educate everyone and gather residents’ feedback in developing a “green mine” that will have minimal environmental impact. Continue Reading →

Borden project raising bar as ‘green mine’ – by Alan S. Hale (Timmins Daily Press – October 4, 2016)

http://www.timminspress.com/

CHAPLEAU – Goldcorp’s next Northern Ontario mine is on track to managing environmental impacts to an entirely new level. The Borden Gold Project, which is set to begin construction next year near Chapleau, may be the world’s first-ever diesel-free hard rock mine. They are accomplishing this by utilizing the latest in battery-powered mining equipment.

Marc Lauzier, the manager of Goldcorp Porcupine Gold Mines, said the move toward what he characterizes as a “green mine” has been in the works for many years, and is likely the way of the future for the industry.

“We’re trying to build a mine that is as environmentally-friendly as possible. And part of that decision is to not utilize diesel equipment. So we’re using electric and battery powered equipment instead.” explained Lauzier. “I’ve been looking into this stuff for the past 10 years. Borden is a new project in an environmentally pristine area, so it’s opened us up to think differently. Continue Reading →

Goldcorp shuts Mexico gold mine after week-long blockade (Reuters U.S. – October 3, 2016)

http://www.reuters.com/

Canada’s Goldcorp Inc (G.TO) said on Monday it was temporarily shutting down operations at its Peñasquito gold mine in Mexico, following a week-long blockade by a trucking contractor to protest the miner’s plans to diversify its local transportation supply chain.

Its shares fell more than 3 percent. The Peñasquito mine in northern Mexico produced 860,300 ounces of gold in 2015, a quarter of Goldcorp’s total output.

The world’s third-biggest gold producer by market value said it did not expect the shutdown at its biggest mine to impact overall production or cost estimates for 2016. Continue Reading →