Goldcorp

Goldcorp Inc.

Type	Public
Traded as	TSX: G NYSE: GG S&P/TSX 60 component
Industry	Gold Mining
Founded	1954
Headquarters	Vancouver, British Columbia, Canada
Key people	David Garofalo, President & CEO, Ian Telfer, Chairman of the Board and Director
Products	Gold
Revenue	$2,723.60 million (2009)[1]
Operating income	$816.00 million (2009)[1]
Net income	$240.20 million (2009)[1]
Total assets	$20.95 billion (2010)[2][3] 2010 Rank 805[4]
Total equity	[3]$31.59 billion (2010) 2010 Rank 252[4]
Number of employees	11,293 (2015)[5]
Website	www.goldcorp.com

Goldcorp is a gold producer headquartered in Vancouver, British Columbia, Canada. The company employs about 11,300 people worldwide,^[6] engaged in gold mining and related activities including exploration, extraction, processing and reclamation. Goldcorp’s operating assets include five mines in Canada and the U.S., three mines in Mexico, and two in Central and South America. As of the third quarter of 2014, Goldcorp was the world's fourth-largest producer of gold.^[7] Goldcorp has repeatedly been accused of harming the environment, livestock, and public health in multiple studies by advocacy groups and activists, contaminating areas with toxic heavy metals by its mining activities.

Operations

Operations Map

Goldcorp’s operating assets include five mines in Canada, and the USA, three mines in Mexico, and two in Central and South America. Goldcorp also has a number of projects including the Cerro Negro project in Argentina, the Éléonore gold project in Quebec, Canada, the Cochenour project in Ontario, Canada, the El Morro project in Chile and the Pueblo Viejo project (40% interest) in the Dominican Republic.

Legend

1. Red Lake mine (Canada)
2. Porcupine mine (Canada)
3. Musselwhite mine (Canada)
4. Cochenour (Canada)
5. Wharf mine (USA)
6. Marigold mine (67%) (USA)
7. El Sauzal mine (Mexico)
8. Los Filos mine (Mexico)
9. Peñasquito mine (Mexico)
10. Marlin mine (Guatemala)
11. Alumbrera mine (37.5%) (Argentina)
12. Eleonore (Canada)
13. Pueblo Viejo (Dominican Republic - 40% ownership)
14. Cerro Blanco (Guatemala)
15. Camino Rojo mine (Mexico)
16. Noche Buena (Mexico)
17. El Morro (Chile - 70% ownership)
18. Cerro Negro (Argentina)

Financial

2011

2011 Production totaled 687,900 ounces for the fourth quarter and 2,514,700 ounces for 2011, compared to 689,600 ounces and 2,520,300 ounces (1), respectively, in 2010.

Financials (US $ Millions)	2009	2010	2011
Revenues	$2,724	$3,738	$5,362
Earnings from Operations	$821	$1,660	$2,626
Adjusted Net Earnings	$588	$1,048	$1,786
Cash Flow from Operations	$1,184	$1,693	$2,692
Cash & Cash Equivalents	$875	$556	$1,502
Total assets at Dec 31	$20,304	$27,639	$29,374

Environmental impact

On July 14–15, 2012 the self-organized International Peoples’ Health Tribunal, a panel of twelve "judges" with backgrounds in science, health, ecology, and human rights met in Guatemala to hear testimony relating to the effects of Goldcorp's South American mines. After the two-day tribunal, the panel found Goldcorp financially liable for health and ecological damages to the communities near its mines in Honduras, Guatemala, and Mexico.^[8] As a "self organized" tribunal, the panel findings carry no supporting evidence, are clearly biased, and should not be considered dependable.

San Martin Mine, Honduras

Goldcorp has been linked to environmental pollution due to its mining practices.^[9] Two studies commissioned by the UK-based advocacy group CAFOD have found the company's methods to extract gold from low-grade deposits also releases other toxic heavy metals such as arsenic, mercury and lead, contaminating streams and groundwater. The first study from Newcastle University detected acidic mine drainage, whereby sulphides in the rock are exposed to oxygen and water and produce sulphuric acid, which can have devastating effects on animals and plants. A follow-up study by the same university found evidence of "severe" contamination in the form of highly acidic and metal-rich water from the mine site flowing into a stream used by villagers for agriculture and domestic purposes.^[9]

A study by Italian activist Flaviano Bianchini in 2006 found dangerous levels of arsenic and lead in the blood of Hondurans living downstream from Goldcorp's San Martin mine, located in the Siria Valley.^[10] While people living in the valley had equated their health problems with the mine's operations since it opened in 1999, both the company and the Honduran government disputed the study's findings.

Marlin Mine, Guatemala

An investigative report by the CTV Television Network's W5, published on their website on April 17, 2010, reported criticism by human rights workers about the damage they believe mining companies were doing to the people, the land, and the culture of Guatemala.^[11] The same news program ran a four-part documentary entitled "Paradise Lost" which explored some of the controversy surrounding Goldcorp's Marlin mine operation, and investigated the economic, environmental, and social costs and benefits of Canadian mining operations in Central America.^[12]

Pueblo Viejo mining project, Dominican Republic

Pueblo Viejo mining project takes place in the Dominican Republic and is operated by Barrick Pueblo Viejo, a firm owned by Barrick Gold and Goldcorp.^[13] 25 years of operation are scheduled for this project, which is likely to raise the exports of the Dominican Republic clearly.^[13] The project is accused of having caused contamination and illegal logging.^[14] The illegal logging has since been attributed to local village people.

See also

• Gold as an investment
• Gold mining

References

1. "Goldcorp financial data: annual data". Retrieved May 3, 2010.
2. "top 2000 companies 2010". Forbes. April 21, 2010.
3. "top 2000 companies 2009". Forbes. April 8, 2009.
4. "goldcorp inc. stock quote analysis at a glance". Forbes. Retrieved May 3, 2010.
5. "Company Profile for Goldcorp Inc (GG)". Retrieved January 13, 2015.
6. "Goldcorp - Our Workforce". goldcorp.com.
7. Simon Walker, "Gold: new fundamentals, Engineering & Mining Journal, Feb. 2015, v.216 n.2 p.34
8. "Goldcorp on Trial - The Indypendent". indypendent.org.
9. "Gold giant faces Honduras inquiry into alleged heavy metal pollution". The Guardian (London). December 31, 2009. Retrieved October 5, 2014.
10. "LATIN AMERICA: Protests Mount Against Mining Giant". ipsnews.net.
11. Paula Todd, W5, "Searching for gold at the end of the Guatemalan rainbow" CTV, Retrieved March 3, 2012.
12. W5, "Paradise Lost" CTV, Retrieved March 3, 2012.
13. http://www.csrm.uq.edu.au/Portals/0/docs/En_pueblo-viejo.pdf
14. "Widerstand gegen Goldminen: Anwohner und Umweltschützer gehen gegen Pueblo Viejo auf die Barrikaden - manager magazin". manager magazin. October 12, 2012.