VANCOUVER, Nov. 29, 2018 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) Goldcorp is pleased to announce first gold has been achieved at Peñasquito's (100% owned, Mexico), Pyrite Leach Project ("PLP"). Commissioning commenced in the third quarter of 2018 and the PLP is now processing 100% of the existing plant tailings. The PLP plant is operating 24 hours a day and is continuing the planned ramp-up process.
"PLP was a major investment decision for Goldcorp and one of the first that went through our Goldcorp Investment Framework." said David Garofalo, President and Chief Executive Officer of Goldcorp. "We are very pleased with the results in completing the project both ahead of budget and schedule. We are already moving forward with a post investment review where we can take our lessons learned to continue to improve our framework and overall capital allocation strategy."
- With a focus on safety and reliability, the PLP has been delivered with over 9.5 Million site-hours, Zero Lost Time Incidents (LTIs) and an Industry-Leading All Injury Frequency Rate (AIFR) of 0.09.
- 100% constructed by Mexican Workforce.
- Commissioning achieved two quarters ahead of schedule.
- Overall project completed 9% under budget.
- Commercial production is now expected by the end of 2018, two quarters ahead of plan.
The Pyrite Leach Project is expected to recover approximately 35% of the gold and 42% of the silver currently reporting to the tailings and is expected to add production of over 1 million ounces of gold and 45 million ounces of silver over the current life of the mine. The PLP plant processes the existing plant tails, feeding a sequential flotation and leach circuit with precious metals recovered through a Merrill Crowe process, producing doré as the final product. Tails from the new plant will report to the existing tailings storage facility. As the plant is ramped up to achieve design recovery, there will be ongoing optimization of the circuit chemistry and regrind performance.
The Carbon Pre-flotation circuit "CPP", which is integral to the performance of the PLP and existing plant, was commissioned in the second quarter as planned and the circuit has now treated six million tonnes of high-carbon ore and is now operating and exceeding initial performance expectations. The completion of the CPP de-risks not only stockpile material, it also enhances flexibility to sequence ores and has the capability to process the complex organic carbon ore types remaining in the reserves. CPP achieved commercial production on October 1, 2018.
The CPP circuit currently consists of three stages of flotation to remove organic carbon from the cyclone overflow prior to the existing lead flotation circuit.
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, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, 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, the future price of gold, silver, zinc, copper and lead, 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 and certification time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, health, safety and diversity initiatives, 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 or comparable language 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.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of Goldcorp 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 Goldcorp's 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. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, among others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and mineral resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, Mexico, Argentina, the Dominican Republic, Chile or other jurisdictions in which the Company does or may carry on business in the future, delays, suspension and technical challenges associated with capital projects, higher prices for fuel, steel, power, labour and other consumables, 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 believes its expectations are based upon reasonable assumptions and 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: future prices of gold, silver, zinc, copper and lead; mine development and operating risks; possible variations in ore reserves, grade or recovery rates; 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; actual results of current reclamation activities; environmental risks; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; risks associated with restructuring and cost-efficiency initiatives; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; risks related to the integration of acquisitions; 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 most recent annual information form available on SEDAR at www.sedar.com and on EDGAR 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 disposition, monetization, merger, acquisition, other business combination or other transaction 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 Goldcorp's operating environment. Goldcorp does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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SOURCE Goldcorp Inc.