VANCOUVER, Nov. 29, 2018 /CNW/ - GOLDCORP INC. (TSX: G,
NYSE: GG) Goldcorp is pleased to announce first gold has been
achieved at Peñasquito's (100% owned, Mexico), Pyrite Leach Project ("PLP").
Commissioning commenced in the third quarter of 2018 and the PLP is
now processing 100% of the existing plant tailings. The PLP
plant is operating 24 hours a day and is continuing the planned
ramp-up process.
"PLP was a major investment decision for Goldcorp and one of the
first that went through our Goldcorp Investment Framework." said
David Garofalo, President and Chief
Executive Officer of Goldcorp. "We are very pleased with the
results in completing the project both ahead of budget and
schedule. We are already moving forward with a post
investment review where we can take our lessons learned to continue
to improve our framework and overall capital allocation
strategy."
Key Highlights:
- With a focus on safety and reliability, the PLP has been
delivered with over 9.5 Million site-hours, Zero Lost Time
Incidents (LTIs) and an Industry-Leading All Injury Frequency Rate
(AIFR) of 0.09.
- 100% constructed by Mexican Workforce.
- Commissioning achieved two quarters ahead of schedule.
- Overall project completed 9% under budget.
- Commercial production is now expected by the end of 2018, two
quarters ahead of plan.
The Pyrite Leach Project is expected to recover approximately
35% of the gold and 42% of the silver currently reporting to the
tailings and is expected to add production of over 1 million ounces
of gold and 45 million ounces of silver over the current life of
the mine. The PLP plant processes the existing plant tails,
feeding a sequential flotation and leach circuit with precious
metals recovered through a Merrill
Crowe process, producing doré as the final product. Tails
from the new plant will report to the existing tailings storage
facility. As the plant is ramped up to achieve design recovery,
there will be ongoing optimization of the circuit chemistry and
regrind performance.
The Carbon Pre-flotation circuit "CPP", which is integral to the
performance of the PLP and existing plant, was commissioned in the
second quarter as planned and the circuit has now treated six
million tonnes of high-carbon ore and is now operating and
exceeding initial performance expectations. The completion of
the CPP de-risks not only stockpile material, it also enhances
flexibility to sequence ores and has the capability to process the
complex organic carbon ore types remaining in the reserves.
CPP achieved commercial production on October 1, 2018.
The CPP circuit currently consists of three stages of flotation
to remove organic carbon from the cyclone overflow prior to the
existing lead flotation circuit.
About Goldcorp
Goldcorp is a senior gold producer focused on responsible mining
practices with safe, low-cost production from a high-quality
portfolio of mines.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the United States Exchange Act of
1934, as amended, the United States Private Securities
Litigation Reform Act of 1995, or in releases made by the United
States Securities and Exchange Commission, all as may be amended
from time to time, and "forward-looking information" under the
provisions of applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of Goldcorp. Forward-looking statements include, but are
not limited to, the future price of gold, silver, zinc, copper and
lead, the estimation of mineral reserves and mineral resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production, targeted cost
reductions, capital expenditures, free cash flow, costs and timing
of the development of new deposits, success of exploration
activities, permitting and certification time lines, hedging
practices, currency exchange rate fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, health,
safety and diversity initiatives, timing and possible outcome of
pending litigation, title disputes or claims and limitations on
insurance coverage. Generally, these forward-looking statements can
be identified by the use of words such as "plans", "expects" , "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" , "believes", or variations or comparable
language of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "should",
"might" or "will", "occur" or "be achieved" or the negative
connotation thereof.
Forward-looking statements are necessarily based upon a number
of factors and assumptions that, if untrue, could cause the actual
results, performances or achievements of Goldcorp to be materially
different from future results, performances or achievements
expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding Goldcorp's
present and future business strategies and the environment in which
Goldcorp will operate in the future, including the price of gold,
anticipated costs and ability to achieve goals. Certain important
factors that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
statements include, among others, gold price volatility,
discrepancies between actual and estimated production, mineral
reserves and mineral resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), changes in national and local government legislation,
taxation, controls or regulations and/or change in the
administration of laws, policies and practices, expropriation or
nationalization of property and political or economic developments
in Canada, the United States, Mexico, Argentina, the Dominican Republic, Chile or other jurisdictions in which the
Company does or may carry on business in the future, delays,
suspension and technical challenges associated with capital
projects, higher prices for fuel, steel, power, labour and other
consumables, currency fluctuations, the speculative nature of gold
exploration, the global economic climate, dilution, share price
volatility, competition, loss of key employees, additional funding
requirements and defective title to mineral claims or property.
Although Goldcorp believes its expectations are based upon
reasonable assumptions and has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of
Goldcorp to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
future prices of gold, silver, zinc, copper and lead; mine
development and operating risks; possible variations in ore
reserves, grade or recovery rates; risks related to international
operations, including economic and political instability in foreign
jurisdictions in which Goldcorp operates; risks related to current
global financial conditions; risks related to joint venture
operations; actual results of current exploration activities;
actual results of current reclamation activities; environmental
risks; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; risks associated
with restructuring and cost-efficiency initiatives; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; risks related to the
integration of acquisitions; risks related to indebtedness and the
service of such indebtedness, as well as those factors discussed in
the section entitled "Description of the Business – Risk Factors"
in Goldcorp's most recent annual information form available
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Although
Goldcorp has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Forward-looking
statements are made as of the date hereof and, accordingly, are
subject to change after such date. Except as otherwise indicated by
Goldcorp, these statements do not reflect the potential impact of
any non-recurring or other special items or of any disposition,
monetization, merger, acquisition, other business combination or
other transaction that may be announced or that may occur after the
date hereof. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of Goldcorp's operating environment. Goldcorp
does not intend or undertake to publicly update any forward-looking
statements that are included in this document, whether as a result
of new information, future events or otherwise, except in
accordance with applicable securities laws.
For further information, please contact:
INVESTOR
CONTACT
|
MEDIA
CONTACT
|
Shawn
Campbell
|
Christine
Marks
|
Director, Investor
Relations
|
Director, Corporate
Communications
|
Telephone: (800)
567-6223
|
Telephone: (604)
696-3050
|
E-mail: info@goldcorp.com
|
E-mail:
media@goldcorp.com
|
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SOURCE Goldcorp Inc.