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Photo courtesy of goldcorp
Fears of a widespread nancialcrisis in Europe have pushedup the
price of precious metalsand Mexicos mining industryis reaping the
bene ts of this
modern day gold fever.One of the leading companies operat-
ing in Mexico and, undoubtedly the onewith the highest
sustainable growth ratesis Goldcorp Canada, which also has
mininginterests in the US, Dominican Republic,Guatemala, Chile and
Argentina.
Goldcorp is the worlds second-largestgold producer in terms of
market value andhas had a surprisingly positive impact onMexicos
mining industry.
In 2002, following the acquisition of Luis-
min (a mine that has been operating for overa century), Goldcorp
became Mexicos larg-est gold producer.
In addition to gold, the company alsoproduces substantial
amounts of silver, leadand zinc at its three mines El Sauzal
(Chi-huahua), Los Filos (Guerrero) and Peas-quito (Zacatecas),
while the Camino Rojoand Noche Buena prospecting projects
aresatellites of Peasquito.
Goldcorp has 7,000 employees, 85% ofwhich are hired in the
communities and states
goldCorp strIkEs ItrIChIN MEXICoGoldcorp has been operatinG in
mexico since 2002. todayit is the countrys leadinG Gold producer,
with plans toinvest 71.5 million usd into prospectinG proJects in
2012.
the company operates in. The rest are experts brought in from
other parts of the country.
The companys success can be large-ly attributed to responsible,
sustainablegrowth, which has bene ted all interestedparties
partners, investors and local com-munities and helped optimize the
stan-dards of Mexicos mining industry, statesGoldcorp Mexico
Vice-president SalvadorGarca, adding that the country also
offersoptimal conditions for doing business.
Mexico is very important to the globalgroup. Goldcorps policy is
to invest onlyin countries that are socially, economicallyand
politically stable. Mexico has all thesecharacteristics, so we have
major expansionplans here, explains Garca.
At Camino Rojo, 90 kilometers fromPeasquito, we are at the nal
prospectingphase. Results have been good and whatfollows is a
feasibility study. The new minehas deposits of several metals,
includingsubstantial gold reserves, and will help im-prove
Goldcorps positioning.
The outlook for 2012 is promising. Overthe coming months,
Goldcorp plans to in-vest 71.5 millionusd in prospecting
projects,with 12 and 4 millionusd allocated to Cami-no Rojo and
Noche Buena, respectively. An-
other 20 million usd will be channeled intoregional prospecting
projects.
According to Garca, the business en-vironment for the sector is
favorable rightnow, but none of this would have been posible
without the cooperation of all threelevels of government.
I cant stress the importance of this because it gives Goldcorp
peace of mindMexico has very clear-cut, well-establishedtax
regulations and the Ministry of Economyhas been very supportive.
Their GeologicalServices Division has up-to-date stats onthe whole
country and an ultra-modern datasystem, all of which has been very
helpfuwhen it comes to processing paperwork andobtaining
information, says Garca.
rEspoNsIbIlIty oN All froNts
Goldcorp takes its social and environmentalcommitments very
seriously. New mines areoften in remote parts of the country and
can be dif cult to reach, which is why the company has focused its
energies on buildinginfrastructure and creating jobs in these
un-derdeveloped areas.
Aside from our employees, partners andinvestors, Goldcorp views
the communi-ties in the mines vicinity as a major interes
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MEXICos pArtNEr Goldcorp
group. We have to get along with them andrespect their customs
and traditions, yet wehave a responsibility to improve their
stan-dard of living. We have done a lot in this re-spect and have
focused on health, educationand infrastructure to create better
conditionsfor these communities, continues Garca.
In 2010, Goldcorp contributed 32.5 mil-
lion usd to local government infrastruc-ture, health and
educational programs, andother productive projects in Mexico.
Since2007, the company has implemented over50 productive
initiatives, bene ting an esti-mated 1,000 people.
MIdAs fIGurEs
In 2010, combined gold production at LosFilos, Peasquito and El
Sauzal was approxi-mately 626,400 ounces, rising to an estimat-ed
680,000 ounces in 2011.
Peasquito in Zacatecas is currently thecompanys largest and most
productive minein Mexico, turning out 250,000 ounces ofgold in
2011. This open-pit mine also produc-es silver, lead and zinc and
has an estimatedlifespan of 23 years.
Next in line is Los Filos in Guerrero, an-other gold-producing
open-pit operationwhose output could potentially be boostedwith
improvements in operating ef ciencyand whose proven reserves are
increasing bythe year. In 2010, Los Filos produced 306,100
ounces of gold, while estimates for 2011 a335,000 ounces.
Another valuable source of revenues isEl Sauzal, an open-pit
mine in the northernstate of Chihuahua that produced 152,100ounces
of gold in 2010 and an estimate95,000 ounces in 2011.
Between 2006 and 2010, Goldcorp invest-ed approximately 2.2
billion usd in its Mexican operations. n
www . goldcorp . com
mexico is very important to the Global Group. Goldcorps policyis
to invest only in countries that are socially, economically and
politically stable. mexico has all these characteristics, so
wehave maJor expansion plans here.
salvador Garca.Goldcorp mexico vice-president.
