Goldcorp Inc. – Page 8 – Republic of Mining

[Rob McEwen] How a gold miner turned a $1 million investment into $3 billion – by Myra P. Saefong (MarketWatch.com – September 28, 2016)

September 29, 2016

http://www.marketwatch.com/

When Rob McEwen bought the Red Lake Mine back in 1989, he was told that the half-a-century-old Ontario gold source was near the end of its life. Instead, he turned it into one of world’s top-producing mines.

Moves like that have helped McEwen, now chairman and CEO of McEwen Mining Inc., achieve legendary status in his field. Some consider him an unconventional thinker who used a crowdsourcing contest to unlock Red Lake’s riches over a decade ago; hes also helped McEwen Mining MUX, -0.52% avoid delisting late last year ahead of a booming 2016 share-price rally.

Today McEwen has his sights on another accomplishment: getting the company that bears his name into the S&P 500 index SPX, -0.93% where precious-metals miners are scarce. To do it, he says, the company must look beyond organic growth, taking part in a rising tide of deal making in the sector. “You have to be alert and responsive when good fortune appears in front of you,” said McEwen in a recent interview with MarketWatch.

Exclusive: Goldcorp struggles with leak at Mexican mine – by Allison Martell, Frank Jack Daniel and Noe Torres (Reuters U.S. – August 24, 2016)

August 25, 2016

http://www.reuters.com/

TORONTO/MEXICO CITY – Mexican regulators said they are examining whether mining company Goldcorp Inc (G.TO) broke any regulations in its handling of a long-running leak of contaminated water at Mexico’s biggest gold mine.

The move follows questions from Reuters about the leak, which until now has not been disclosed to the public. Levels of the mineral selenium rose in one groundwater monitoring well near Goldcorp’s Penasquito mine as early as October 2013, Goldcorp data reviewed by Reuters shows.

The Canadian company reported a rise in selenium levels in groundwater to the Mexican government in October 2014, after which the contamination near its mine waste facility intensified, according to internal company documents seen by Reuters, and interviews with government officials. Two weeks ago, the company told Mexican regulators that contaminated water had also been found in other areas of its property.

BNN Reporter Catherine Murray Interviews Goldcorp CEO David Garofalo (Business Network News – July 28, 2016)

August 9, 2016

http://www.bnn.ca/ Goldcorp’s shares are under pressure following the latest quarterly results. We discuss the latest production challenges that led to the Q2 loss, and how they are adapting their turnaround strategy. Year-to-date, the stock is lagging its peers in the gold rebound, and has fallen to third place by market cap since the start of …

Canadian gold miners aim to reduce debt by keeping lid on costs – by Ian McGugan (Globe and Mail – July 28, 2016)

August 2, 2016

http://www.theglobeandmail.com/

Euphoria? What euphoria? The soaring price of gold has failed to ignite expansion frenzy at Canada’s largest gold miners. Instead, the latest round of earnings reports show an industry intent on reducing debt and rebuilding confidence.

Goldcorp Inc., which came up far short of analysts’ expectations , told a conference call on Thursday that it was installing a rigorous new accounting system, cutting staff at head and regional offices by a third and selling mines as it seeks to reassure investors that it is on the right track.

Barrick Gold Corp. announced plans to sell its half stake in the Kalgoorlie mine in western Australia as it continues to make progress toward meeting its target of reducing debt by at least $2-billion (U.S.) this year.

Gold rally drives impressive results for Canadian miners – by Ian McGugan (Globe and Mail – July 28, 2016)

July 28, 2016

http://www.theglobeandmail.com/

A flurry of earnings results from three of Canada’s largest gold miners show that this year’s bullion boom is being reflected in major improvements across the industry’s bottom line.

After years of decline, the price of gold has jumped 25 per cent since January as investors have sought refuge from slumping yields on savings accounts and bonds.

The rush to precious metals has given mining stocks a powerful boost. Shares of Barrick Gold Corp. and Kinross Gold Corp. have more than doubled since the start of the year, while Agnico Eagle Mines Ltd. (up 98 per cent) has also achieved eye-popping gains. Results released after the market closed on Wednesday offer hope that more gains may be ahead, although it also hinted at some potential problems.

Gold producers’ big test: Time to end the restraint? – by Ian McGugan (Globe and Mail – July 25, 2016)

July 25, 2016

http://www.theglobeandmail.com/

It’s showtime for the hottest sector of the Canadian stock market. After markets close on Wednesday, four major gold producers – Agnico Eagle Mines Ltd., Barrick Gold Corp., Goldcorp Inc. and Kinross Gold Corp. – will roll out their second-quarter results within minutes of one another.

The flurry of reports will indicate how the industry is coping with an unexpected outbreak of prosperity and offer important clues about whether Canada’s biggest gold producers are prepared to open their wallets and start spending again.

Gold and gold stocks had stagnated for years before suddenly reversing course in January and reaching for the stratosphere. Each of the four big Canadian producers has gained at least 50 per cent since then. Barrick and Kinross have more than doubled, thanks to improving operations and a firmer gold price.

Dome Mine lives on … for now – by Thomas Perry (Timmins Daily Press – July 23, 2016)

July 25, 2016

http://www.timminspress.com/

TIMMINS – What does Canada’s longest-producing gold mine have in common with an American humorist, novelist, writer, and lecturer?

In addition to being the author of numerous literary gems, Mark Twain is famous for the quote: “Reports of my death have been greatly exaggerated.” It would seem that might also be true of the Dome Mine.

Goldcorp Porcupine Gold Mines, current owner of the last of the Porcupine Camp’s Big 3, announced in January it would be shutting down the Dome Mine at the end of July.

Timmins Dome Mine to continue to the end of 2016 and beyond – by Len Gillis (Timmins Daily Press – July 21, 2016)

July 21, 2016

http://www.timminspress.com/

The surprise announcement on Wednesday by Goldcorp Porcupine Gold Mines (PGM) that operations will continue at the Dome Mine has been welcomed on many levels in Timmins.

It means the longest-running gold mine in Canada will continue to be just that as the Dome will soon be moving into its 107th year of operation. The news from PGM Timmins mines general manager Brendan Zuidema was passed to employees Tuesday night and Wednesday morning.

It was a welcome change from the announcement Zuidema had to make back on Jan. 15 when the company had decided the Dome Mine underground operations would be shutting down for good. Back then, it was estimated the closing date would be the end of July 2016.

Goldcorp CEO says mining is about margins, not volume – by Ian McGugan (Globe and Mail – June 28, 2016)

June 28, 2016

http://www.theglobeandmail.com/

Gold has been on a tear in the wake of last week’s shocking Brexit vote, but investors who want the best returns may want to look to producers rather than the metal itself.

By and large, miners flopped at creating value for shareholders during the last run-up in gold prices that began a more than decade ago. Investors who simply bought gold during those years did much better than those who bet on miners’ shares: From 2004 through 2012, gold rose more than 300 per cent, compared to just 73 per cent for the S&P/TSX global gold index (in U.S. dollars).

But this time around the comparison is shaping up differently. As precious metal prices have surged this year, many gold miners’ stocks have produced gains that are much larger than the rise in the underlying metal.

Goldcorp meets two First Nations to advance Borden Lake Mine Project – by Frank Giorno (Timmins Today – June 26, 2016)

June 27, 2016

https://www.timminstoday.com/

Goldcorp, the largest gold miner in Ontario’s Northeast and a major world gold producing company, held a private meeting Thursday with the chiefs and band councils of the Chapleau Cree and Brunswick House First Nations to explain its applications to the Ontario and federal governments for permits to proceed to advance exploration stage.

Details of the meeting still have not emerged despite repeated calls by TimminsToday to Goldcorp Media Relations section in Vancouver and to the Band Offices of Chapleau Cree and Brunswick House First Nations.

Prior to the meeting, Donna Byce, manager of Corporate and Social Responsibility for Goldcorp’s Borden Lake Project, indicated it would be inappropriate to discuss the project prior to Goldcorp’s meeting with the chiefs and band councils.

Demand for gold skyrockets, but skepticism remains – Ian McGugan (Globe and Mail – May 13, 2016)

May 13, 2016

http://www.theglobeandmail.com/

Gold fever is back, a sign of investors’ growing – but perhaps misplaced – anxiety about what lies ahead for the global economy. The World Gold Council, the marketing arm of the gold industry, announced on Thursday that demand for the precious metal hit its second-highest level on record during the first quarter of the year.

Meanwhile, Bank of Montreal analysts boosted their forecast for gold. They say they now expect the metal to begin next year at around $1,400 (U.S.) an ounce. That is well above its current level of roughly $1,270 and far ahead of the bank’s previous forecast of $1,200.

In another indication of the growing optimism around bullion, Goldcorp Inc. said on Thursday that it was acquiring Kaminak Gold Corp. for $520-million (Canadian) in stock. Kaminak’s key asset is the Coffee gold project about 130 kilometres south of Dawson, Yukon.

Goldcorp Inc makes first move into Arctic with $520 million deal to buy Kaminak Gold Corp – by Peter Koven (Financial Post – May 13, 2016)

May 13, 2016

http://business.financialpost.com/

The $520-million sale of Kaminak Gold Corp. marks yet another success for mining entrepreneur Eira Thomas, whose companies have been on a major winning streak of late. “I’m really fortunate that I’ve had the opportunity to be involved in some terrific projects,” Kaminak’s chief executive said in an interview.

Ms. Thomas, 48, is known as the “Queen of Diamonds” because she discovered the Diavik diamond mine in the Northwest Territories in 1994. But her recent track record is just as notable.

She co-founded Lucara Diamond Corp., which made headlines around the world last year when it discovered the second-largest gem-quality diamond in history. Stornoway Diamond Corp., which she co-founded and led for several years, is close to bringing Quebec’s first diamond mine into production. They are two of the mining sector’s only bright spots of the past few years.

NEWS RELEASE: Goldcorp Announces Acquisition of Kaminak Gold Corporation

May 12, 2016

VANCOUVER, May 12, 2016 /CNW/ – Goldcorp Inc. (“Goldcorp”) (TSX: G, NYSE: GG) and Kaminak Gold Corporation (“Kaminak”) (TSX-V: KAM) are pleased to announce that they have entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which Goldcorp has agreed to acquire, by way of a plan of arrangement (the “Arrangement”), all of the outstanding shares of Kaminak. The total consideration offered for all of the outstanding shares of Kaminak is approximately C$520 million.

Under the Arrangement, each common share of Kaminak will be exchanged for 0.10896 common shares of Goldcorp. Based on the closing price of Goldcorp’s common shares on the Toronto Stock Exchange on May 11, 2016, the transaction values each Kaminak share at C$2.62. The consideration received by Kaminak shareholders represents a 40% premium over the 20-day volume-weighted average share price of Kaminak from all trading on Canadian exchanges for the period ending May 11, 2016 and a premium of 33% over Kaminak’s closing share price on the TSX Venture Exchange on May 11, 2016.

The number of Goldcorp shares to be issued under the Arrangement will be approximately 21.6 million based on the issued and outstanding shares of Kaminak as of the announcement date, but will be subject to adjustment depending on the number of Kaminak options that may be exercised prior to the completion of the Arrangement.