TORONTO,
March 3, 2014 /CNW Telbec/ - Goldcorp
Inc. (TSX: G; NYSE: GG) today announced that it has secured a bond
in the amount of $40.1 million to
cover 100% of the closure obligation related to its Éléonore mine
site in northern Quebec.
The announcement was made at the Prospectors and
Developers Association of Canada
annual conference in Toronto at an
event hosted by the Minister of Natural Resources of Quebec, Mrs. Martine
Ouellet.
"As one of the largest and fastest growing gold
producers in the world, we believe that we are leading by example.
Setting aside the complete estimated amount for the closure and
reclamation of the Éléonore site is a tangible demonstration of our
unwavering commitment to sustainability and to working with
governments, stakeholders and the communities where we operate,"
said Brent Bergeron, Senior Vice
President, Corporate Affairs, Goldcorp Inc.
The Éléonore mine is slated to commence
production later this year. Gold reserves are estimated at 4
million ounces. Estimated 2014 production is between 40,000 and
60,000 ounces and average annual output is expected to reach
600,000 ounces once the mine reaches full production.
Well before any Goldcorp mine commences
production, the company is already planning for its eventual
closure, when the site will be returned to the local community.
Estimated closure costs were determined by a coalition of
stakeholders, including government officials, who examined the full
cost of implementing mine closure plans in the event a third party
was to take on closure work in accordance with regulatory
requirements.
About Goldcorp
Goldcorp is one of the world's fastest growing
senior gold producers. Its low-cost gold production is located in
safe jurisdictions in the Americas and remains 100% unhedged.
In Quebec,
Goldcorp's Eleonore project in Northern
Quebec is directly providing employment to 2,000 people.
Total capital expenditure is expected to reach between 1.8 and 1.9
billion with close to 1.3 billion already spent towards the
completion of the project. In 2013, Goldcorp awarded more than
600 million dollar worth of contracts
to Quebec-based suppliers. The
Eleonore Project is expected to begin production in October 2014.
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, and the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation, concerning the business,
operations and financial performance and condition of Goldcorp Inc.
("Goldcorp"). Forward-looking statements include, but are not
limited to, statements with respect to the future price of gold,
silver, copper, lead and zinc, the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production, costs of
production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities,
permitting time lines, hedging practices, currency exchange rate
fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, 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 forward-looking terminology such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "seeks", "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 made based upon
certain assumptions and other important factors 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 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 resources and
metallurgical recoveries, mining operational and development risks,
litigation risks, regulatory restrictions (including environmental
regulatory restrictions and liability), activities by governmental
authorities (including changes in taxation), 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: risks related to the integration of
acquisitions; 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; environmental risks;
future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; mine
development and operating risks; accidents, labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities; 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 annual information form for
the year ended December 31, 2012 and
other reports available at www.sedar.com. 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 dispositions,
monetizations, mergers, acquisitions, other business combinations
or other transactions 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 our 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.
SOURCE Goldcorp inc.