Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canadian giant Goldcorp (TSX:G) (NYSE:GG) said Thursday it has produced first gold from its US$1.8-billion Eleonore mine, located in the James Bay region of Northern Quebec.
The company’s President and Chief Executive Officer Chuck Jeannes, said that during its development stage the project created 2,000 jobs, from which about 900 will be maintained as the mine moves towards full production.
Early this year the world’s most valuable gold miner tried acquiring fellow Canadian Osisko Mining Corp (TSX:OSK) in a bitter takeover battle. Osisko, the largest Quebec-based mining company, owns the giant Canadian Malartic mine in the province, which Goldcorp was hoping to add to its portfolio.
On Wednesday, the company told Mexican press it had decided to permanently close its El Sauzal mine, which is in its last year of active mine life.
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