(All amounts in $US unless stated otherwise)
TSX: G
NYSE: GG
VANCOUVER, Nov. 23, 2015 /CNW/ - GOLDCORP INC. (TSX: G,
NYSE: GG) announced today that it has been informed by Barrick
Gold Corporation ("Barrick") that a mechanical issue at the Pueblo
Viejo mine in the Dominican
Republic is expected to result in reduced production at the
operation until mid-January 2016. The Pueblo Viejo mine is a
joint venture between Goldcorp Inc. ("Goldcorp") and Barrick, where
Goldcorp is a 40% partner and Barrick is the 60% partner and the
mine operator.
Two of three electric motors at the mine's oxygen plant
experienced an unexpected failure on November 19 and must be shipped to a specialized
facility in the United States for
repair. One motor remains operational. The plant provides the
oxygen required for the autoclave processing facility that treats
Pueblo Viejo's refractory ore. Until the damaged motors are
repaired, the autoclave facility will operate at a reduced
capacity. The cause of the motor failure is currently under
investigation.
Current estimates by Barrick indicate repairs can be completed
with units back in service by mid-January. While repairs are
underway, Pueblo Viejo will bring forward maintenance activities
previously scheduled for January to optimize the processing
downtime. Pueblo Viejo has Property and Machinery Breakdown
Insurance, including Business Interruption coverage, which is
triggered after 30 days.
Based upon the impact of lower production from Pueblo Viejo in
the fourth quarter, Goldcorp's 2015 gold production is expected to
be at or near the mid-point of the Company's current guidance of
between 3.3 and 3.6 million ounces. All-in sustaining cost guidance
remains between $850 and $900 per
ounce.
About Goldcorp
Goldcorp is a leading gold producer focused on responsible
mining practices with safe, low-cost production throughout the
Americas. A portfolio of long-lived, high-quality assets
positions Goldcorp to deliver long-term value.
Cautionary Note Regarding Forward Looking
Statements
This press release contains "forward-looking
statements", within the meaning of the United States Private
Securities Litigation Reform Act of 1995 Section 21E of the United
States Securities Exchange Act of 1934, as amended, Section 27A of
the United States Securities Act of 1933, as amended 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, 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", "anticipates", "believes" or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "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,
including in respect of the transactions, 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. In respect of the
forward-looking statement concerning the anticipated timing of
closing of the transactions, Goldcorp has provided it in reliance
on certain assumptions that is believed reasonable at this time,
including assumptions as to the conditions of closing of the
transactions being satisfied in a timely manner. Certain important
factors that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
statements include, among others, the transactions not being
completed as planned, 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 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:
the risk that the transactions will not be completed as planned,
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, 2014
available at www.sedar.com and the United States Securities and
Exchange Commission 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 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 undertake to update any
forward-looking statements that are included or incorporated by
reference in this document, except in accordance with applicable
securities laws.
SOURCE Goldcorp Inc.