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.
Eleonore mine, located in the James Bay region of Northern Quebec, Canada.
Canadian giant Goldcorp (TSX:G) (NYSE:GG) said Wednesday it has commercial production at its US$1.8-billion Eleonore mine, located in the James Bay region of Northern Quebec.
The company hit first gold production on October 1, 2014 and it expects the mine to produce between 290,000 and 330,000 ounces of gold in 2015.
By 2018, three years into its projected 15 to 20 year lifespan, it should be moving 7,000 tons of ore daily via its network of shafts carved nearly 4,000 feet (over 1,200 metres) deep.
The company’s President and Chief Executive Officer Chuck Jeannes, noted Eleonore has strong reserve growth opportunities as the deposit remains open at depth. “We are just beginning to test the district exploration potential,” he said.
Last year the company tried acquiring fellow Canadian Osisko Mining Corp (TSX:OSK) in a bitter takeover battle aimed to grab the vast Malartic mine.
Eleonore is expected to eventually become Canada’s largest gold producing mine.
