Goldcorp: Projects Advancing 'On Time And On Budget'
Goldcorp Inc. (TSX: G, NYSE: GG) says it has achieved “significantprogress” on key permitting and project milestones that are a part of thecompany’s five-year 20/20/20 plan to increase gold production and gold reservesby 20% and decrease all-in sustaining costs per ounce by 20%. The company hasadvanced projects “on time and on budget through the permitting and developmentprocess,” says David Garofalo, president and chief executive officer. Among thehighlights, Goldcorp says bulk sample extraction at Borden began in August, twomonths ahead of schedule, with operating permits expected in the fourthquarter. The mine electrification process is under way, and commercialproduction remains on track for the second half of 2019. Meanwhile, a Centuryprefeasibility study remains on schedule for completion in the fourth quarter,and the associated project description has been submitted and is currently undergoinga 20-day public comment period in order to move on to the next stage ofpermitting. For the company’s Coffee project, Goldcorp completed an “adequacyreview phase” of the permitting process with Yukon Environmental andSocio-economic Assessment Board in August and has now entered a 30- to 60-daypublic comment period. Production is still expected to start in 2021, Goldcorpsays. At Pe??asquito, construction has been completed on the Pyrite LeachProject, with commissioning further accelerated to the current quarter, whichis two quarters ahead of schedule. Both first gold and commercial productionare expected in the fourth quarter, Goldcorp says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Coeur Mining Declares Commercial Output At Silvertip
Wednesday September 5, 2018 8:44
Coeur Mining, Inc. (NYSE: CDE) has declared commercial productionat its new Silvertip silver-zinc-lead mine in British Columbia and has updatedcompany-wide output guidance as a result. Coeur purchased Silvertip in Octoberand began production in March after commissioning the mill. Since the companyhas focused on optimizing plant performance and upgrading mine infrastructure,says Mitchell J. Krebs, president and chief executive officer. Coeur is ontrack to publish an initial NI 43-101 technical report in the fourth quarterand expects to receive a permit to operate at an increased capacity byyear-end, he adds. Through July, the company had invested $51.3 million inSilvertip, including $29.8 million of capitalized operating expenses, $8million of capitalized resource infill drilling and $2.1 million of expensedresource expansion drilling. Near-term priorities include construction ofimproved camp facilities, acceleration of underground development and theintroduction of long-hole stope mining to selected areas, Coeur says. As ofAug. 31, Silvertip had 250 employees. Now that the company has “improvedvisibility” on Silvertip production, Coeur is projecting full-year company-wideoutput of 36.1 million to 39.5 million silver-equivalent ounces. This waspreviously revised upward in July to 37.3 million to 40.5 millionsilver-equivalent ounces.
By Allen Sykoraof Kitco News; asykora@kitco.com
Randgold: Operations Resume At Tongon Mine
Wednesday September 5, 2018 8:44
Operations at Randgold Resources’ (Nasdaq: GOLD) Tongon gold mine have resumedafter management lifted a lockout imposed after what the company terms “aprotracted illegal strike.” Negotiations involved the company, workers,community leaders and the government, resulting in an agreement in whichworkers are being re-employed in phases as various sections of the mine startup. The agreement also stipulates that the previous discussions, aimed atending periodic industrial unrest at the mine, should be resumed where theywere interrupted by a strike in July, Randgold says. During the lockout,management, senior employees and a skeleton crew prepared Tongon for resumedproduction. The mine is now “fully operational” and the phased return ofemployees is expected to be complete by the weekend, Randgold says. However,the work stoppage resulted in a revision to production guidance for the year,which is now estimated at 230,000 ounces of gold, Randgold adds.
By Allen Sykoraof Kitco News; asykora@kitco.com
Endeavour Mining Sells Stake In Tabakoto Mine
Wednesday September 5, 2018 8:43
EndeavourMining (TSX: EDV) says it has agreed to sell itsinterest in the non-core Tabakoto mine to Algom Resources Ltd., a subsidiary ofBCM Investments Ltd., for $60 million. Closing is expected to occur during thefourth quarter. "We are pleased to continue topursue our portfolio management strategy through the sale of our non-coreTabakoto mine,” says S?(C)bastien de Montessus, president and chiefexecutive officer. “This will increaseour overall portfolio quality and allow management to focus on highcash-generating assets with low AISC [all-in sustaining costs] and long minelives. Tabakoto has been sold following a comprehensive review which determinedthat the capital investments required to reduce its AISC did not meet ourcapital allocation criteria.” The Tabakoto mine is located insouthwestern Mali. Endeavour's current ownership ranges from 80% to 90%depending on the pits, with the remainder owned by the government of Mali.
By Allen SykoraFor Kitco News
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