GOLDCORP INC. announced a controlled shutdown of operations at its Penasquito mine
OREANDA-NEWS. GOLDCORP INC. (TSX: G, NYSE: GG) today announced a controlled shutdown of operations at its Penasquito mine, following an illegal blockade by a trucking contractor that began September 26, 2016. Goldcorp recently undertook efforts to diversify its local transportation supply chain and distribute economic benefits to more local suppliers, while realizing cost efficiencies at the mine.
Goldcorp remains committed to respectful negotiations with the trucking contractor's representatives. The Company has taken all necessary legal steps, including filing criminal charges against the protest leaders and awaits legal enforcement to ensure a swift and orderly end to the illegal blockade.
A comprehensive contingency plan is in place during this shutdown of operations that will enable mining and processing to be restarted immediately following resolution of the matter.
Pe?asquito is located in the province of Zacatecas, Mexico and supports approximately 10,000 direct and indirect jobs. The mine is a major driver of the state economy, purchasing close to $600 million in goods and services from Mexican suppliers last year and supporting a range of community projects in education, health care and community development.
Goldcorp has received recognition for its responsible mining practices in Mexico. The safety of people and protection of the environment remain the company's top priorities.
The Company does not expect this to impact overall production and cost guidance for 2016.
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, or the United States Private Securities Litigation Reform Act of 1995 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, statements with respect to the future price of gold, silver, copper, lead and zinc, 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 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 words 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", "should", "might" or "will", "occur" or "be achieved" or the negative connotation thereof.