TORONTO, Ontario – March 3, 2014 – Goldcorp Inc. (TSE: G; NYSE: GG) today announced that it has secured a bond in the amount of $40.1 million to cover 100% of the closure obligation related to its Éléonore mine site in northern Quebec.
The announcement was made at the Prospectors and Developers Association of Canada annual conference in Toronto at an event hosted by the Minister of Natural Resources of Quebec, Mrs. Martine Ouellet.
“As one of the largest and fastest growing gold producers in the world, we believe that we are leading by example. Setting aside the complete estimated amount for the closure and reclamation of the Éléonore site is a tangible demonstration of our unwavering commitment to sustainability and to working with governments, stakeholders and the communities where we operate,” said Brent Bergeron, Senior Vice President, Corporate Affairs, Goldcorp Inc.
The Éléonore mine is slated to commence production later this year. Gold reserves are estimated at 4 million ounces. Estimated 2014 production is between 40,000 and 60,000 ounces and average annual output is expected to reach 600,000 ounces once the mine reaches full production.
Well before any Goldcorp mine commences production, the company is already planning for its eventual closure, when the site will be returned to the local community. Estimated closure costs were determined by a coalition of stakeholders, including government officials, who examined the full cost of implementing mine closure plans in the event a third party was to take on closure work in accordance with regulatory requirements.